By Clyde Mooney
Only days after seizing the reigns of National Leisure & Gaming (NLG), Receivers and Managers PPB Advisory began tightening up the books with the closure of three of the struggling operator’s 35 venues.
Coffs Harbour’s Plantation Hotel, Burleigh Heads’ Swell Tavern and Wynnum’s Wynnum Point Hotel ceased trading, with licenses reverting back to the owners.
Staff from these operations have been offered opportunities elsewhere within NLG where possible, and those that have accepted redundancies have been promised full entitlements, paid promptly.
PPB Advisory has made it clear that the closures were firmly in the interests of protecting the ongoing nature of the Group as a whole and the remaining venues.
Speaking to TheShout, a spokesperson said: “The remaining venues continue to trade and it’s business as usual.”
"PPB Advisory continues to work with NLG’s management team and other stakeholders to ensure the ongoing success of the hotel and gaming venues.”
Likely to follow NLG into receivership is its landlord, Redcape Property Fund, which continues to hold its breath as money-wielders attempt to broker a rescue package that is acceptable to the suite of Senior and Junior lenders holding the purse-strings.