Three popular Manchester bars that went into liquidation in January are set to reopen after new tenants were found.
The leases to Odd bar and The Blue Pig in the Northern Quarter and Oddest bar in Chorlton have been sold along with all assets by liquidators from Duff & Phelps in deals put together with valuations specialist Charterfields.
The Blue Pig has been taken over by Mark Andrew Developments (MAD), which operates other Northern Quarter bars Tusk, Walrus, Hula, the Fitzgerald and Rosylee.
Odd and Oddest have been taken over by Matt Nickson, founder of Northern Quarter music venue Matt & Phred’s, with business partner Adam Regan.
All three venues, which were previously run by the Odd Bar group founded by Cleo Farman, are set to reopen soon.
After the bars went into liquidation in January, affecting over 40 jobs, Charterfields persuaded the landlords of all three buildings to cooperate while new tenants could be found.
Ian Maycock, director at Charterfields, said: “Normally when a bar fails, either the landlords or the liquidators immediately remove and sell the assets. However, we recognised that in this case, it would be better for all concerned to keep the bars’ assets together rather than selling them piecemeal – particularly given the location and high-profile nature of these venues.
“Fortunately, the landlords immediately saw the benefits of our suggestion and agreed to co-operate with us.
“It has taken us just eight weeks to complete negotiations and hand the keys over to the new operators. I am sure it will not be long before plans are revealed and customers are once again enjoying these popular bars.”
Jimmy Saunders of Duff & Phelps added: “There are a number of challenges facing independently owned bars and restaurants including food and drink inflation, business rate rises and the impact of national minimum wage, all at a time when competition is increasing.
“We are pleased that in difficult circumstances, Charterfields’ collaborative approach has helped to secure the future of these three popular venues and it should be a model for others to follow.”