The Canute in Gainsborough has been saved from closure after a national pub company stepped in to rescue them from administrators.
The award-winning Stonegate Pub Company has acquired the Canute securing the jobs of 20 people at the pub.
It has taken over the Canute as part of a package of 78 pubs purchased from the administrators of the Bramwell Pub Company.
Toby Smith, CEO of Stonegate Pub Company, said: “We are delighted to have concluded the purchase of the Canute and welcome the team to Stonegate.”
“It is a fantastic site with great potential and we are particularly pleased that with this deal we can secure the jobs of approximately 1600 people nationally too.”
Stonegate Pub Company is the largest privately held managed pub operator in the UK, with revenues in excess of half a billion pounds and employs over 12,000 people.
The company has 625 pubs including the brands of Classic Inns, Local Pubs, Great Traditional Pubs, Slug and Lettuce, Scream, Yates, Bars & Venues, Missoula and Living Room.
For more information about Stonegate Pub Company, visit the website at www.stonegatepubs.com.
Manager of The Canute, Neil Boardman, said: “This is great news for us.”
“They are a bigger company.”
“They are looking to do a rebranding in the new year.”
The Bramwell Pub Company went into administration earlier this month and administrators Zolfo Cooper were appointed.
The company blamed the ‘challenging economic environment’ for ‘cash flow problems’
Buckinghamshire-based Bramwell reported a £117.7 million pre-tax loss in its latest accounts after experiencing £115.1million exceptional costs to settle debts in the year ended September 29, 2012.