Administrators of Orchid Pub Group have closed 14 pubs and made more than 150 staff redundant ahead of Christmas after failing to find buyers.
However, PricewaterhouseCoopers (PwC) has managed to return 31 pubs to Spirit Group as a going concern and sell the Dragonfly in Cheltenham to an individual buyer.
In 2006, Spirit owner Punch Taverns sold 290 pubs to private equity company GI Partners, which owns Orchid, although Spirit is believed to still own the freeholds of the returned sites.
The news means 272 of Orchid Group’s 320 pubs have been saved from closure after the group was placed and rescued from administration last week.
PwC said it was still exploring options for the remaining three pubs in the original Orchid portfolio.
By Chris Druce
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