A long-established Leicestershire bar and restaurant is reopening after being bought out of administration.
Browns Lane, which is based in Loughborough town centre, will reopen on Friday, September 27 after a buyer came forward.
The business, which opened in 2001, specialises in freshly prepared European dishes. Alongside the restaurant there is also a cocktail bar.
Following financial problems the business entered administration in July having appointed Dean Nelson from specialist advisors Smith Cooper’s business recovery and insolvency team.
After considering all options and putting the business on the market, a sale of the company’s business and its assets was completed with a new company called James Edward Associates Limited, which is owned by Peter Neagle.
All employees are said to have moved over to the new business.
Mr Neagle said: “I am delighted to have completed the purchase of Browns Lane Bar and Restaurant.
“The business presents so many opportunities and we’re excited to shake it up.
“The mood will be a laid-back bistro bar- one that suits all and every occasion, with an emphasis on casual, not fine dining.
“We’ll be holding regular live music nights, and our food and drink menus will remain fresh and locally sourced, featuring weekly specials and happy hour every Friday.
“We are holding a relaunch party on September 27, where customers will receive a free cocktail and tasters of our new bistro and tapas menu, complimented with a live DJ to bring the Mediterranean vibes.”
Dean Nelson, head of business recovery and insolvency at Smith Cooper said: “We’re very pleased to have achieved a sale for Browns Lane, which secures the trade and preserves employment.
“The business through its new purchaser will be ideally placed to build on its reputation locally in Loughborough, and further afield, and we wish Peter and his team all the success with his new venture.”
Smith Cooper has six offices across the Midlands including Derby, Birmingham and Nottingham.
The firm specialises in providing advisory services to corporate and individual clients.
