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WPP goes into administration
By Pete Hayman
Foxton Locks Inn - the first pub opened as part of the WPP venture in 2005
Lloyds Banking Group has appointed PricewaterhouseCoopers (PwC) as administrators to the Waterside Pub Partnership (WPP), after efforts to secure additional financing failed.
The partnership was set up by Scottish and Newcastle Pub Enterprises (SNPE) and British Waterways (BW) in 2004 in order to acquire and develop riverside pubs. BW has confirmed that the move will not impact its expenditure on inland waterways, after its original investment in WPP was written off in 2008-09.
In March, BW also purchased ten of the partnership's best performing pubs in a deal worth £9m, which will generate a further £675,000 in income each year. Image: Foxton Locks Inn, the first pub opened as part of the WPP venture in 2005 - Ian Rob
Lloyds Banking Group has appointed PricewaterhouseCoopers (PwC) as administrators to the Waterside Pub Partnership (WPP), after efforts to secure additional financing failed.
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