PwC appointed as former Dundee FC chairman’s businesses placed into administration

PwC have been appointed administrators of two companies running 16 separate businesses, mostly in the licensed trade industry, owned by prominent Dundee businessman Jimmy Marr.

Most of the 16 premises affected are in Dundee, with one each in Arbroath, Forfar and Brechin.

Lyn Leon Vardy, Toby Scott Underwood and Graham Douglas Frost of PwC were appointed as administrators of Park Investments and Park Properties which control the businesses.

The businesses, which according to latest accounts were still solvent, are continuing to trade and there have so far been no job losses.

Mr Marr, 56, former chairman of Dundee FC, has cited a failure to agree new loan terms with Luxembourg-based lender Clipper Holding as the reason for the move.

Among the premises affected are the renowned Taybridge Bar.

The Park House Hotel on the city’s Coupar Angus Road and the Playwright in the city centre’s South Tay Street are also affected.

Mr Marr said the 16 businesses belonging to Park Investments, which was set up as an investment vehicle to acquire and own a number of restaurants, bars and hotels, and to Park Properties were continuing to trade and no jobs have been lost.

Park Properties owns a nursery and a yoga studio.

Most of the 16 premises affected are in Dundee, with one each in Arbroath, Forfar and Brechin.

Mr Marr added that none of his other businesses in Dundee are affected.

Lyn Leon Vardy of PwC said: “Following the administration appointment, our Scottish restructuring team have met with the director of the companies and have notified all 16 tenants of our appointment.

“The tenants continue to operate from the units they occupy.

“We are working with both the director and the tenants to assess the optimal realisation strategy for the properties. Parties who may be interested in purchasing these properties should contact our office on 0113 289 4000.”

Last night Mr Marr said the two companies were funded for a number of years by Allied Irish Banks (AIB).

It was severely affected by the banking crisis and was restructured by the Irish state.

He explained that in December 2015 Clipper Holding 11 sarl., a Luxembourg-based company, bought from AIB £650 million of UK loans of which 200 related to businesses in Scotland, including the two Park companies.

He explained: “This action (the administration) was taken by Clipper Holding after the parties could not agree to the new loan terms being imposed by Clipper.

“Park Investments is a company that owns a number of public houses which are successfully run by tenant publicans.

“These establishments will not be affected by the administration order and will continue to trade.”