Bars group in move to rescue its small pubs

Jul 16 2008 by Alistair Houghton, Liverpool Daily Post

BARS group Korova Corporation is fighting to save some of its venues from closure as the credit crunch bites.

The group, founded by entrepreneur Rob Gutmann, yesterday told the Daily Post it was working on a rescue deal to make sure its small pubs division can keep trading despite “difficult economic conditions”.

The company, well-known throughout Merseyside for its trendy bars and restaurants, would not comment on which of its properties were affected and a spokeswoman said the firm did not want to “single out” any particular venues.

Korova Corporation’s Liverpool venues include Korova in Fleet Street, Geisha in Myrtle Street and Raven, Circo and Babycream at the Albert Dock.

It runs Negresco bar/restaurants in Lark Lane, Liverpool and in Manchester and has three venues in Woolton – Casa del Cocodrilo, Fargo and Negresco Deco.

Director John Ritchie said: “None of our companies are in administration but there is a process going on to rescue our small pubs division.

“Talks are ongoing with advisers to formulate a way to let these small units continue to trade despite difficult economic conditions.”

Mr Gutmann saw his then bar and restaurant group Lyceum Restaurant Company go into liquidation in 2005.

The company had sold its Albert Dock businesses Pan American Bar and Grill, Baby Blue and Blue Bar and Grill two months earlier as going concerns, but the sale was insufficient to pay off other creditors.

Since then his new company Korova has returned in force to the Albert Dock, which Mr Gutmann told the Daily Post last year was his company’s “spiritual home”. Its most recent venture is Irish-American bar Raven, which opened in May. Last month, Korova said it had seen growth of 30% across its three Albert Dock venues. The dock has seen visitor numbers soar thanks to the opening of Liver- pool One and the Gust- av Klimt exhibition at Tate Liverpool.

The group launched its three Woolton venues, all former bars, simultaneously, in March, 2007. Its Manchester Negresco opened late last year.

alistairhoughton