Once regarded as the jewel in the crown of the county’s leisure and dining scene, Hereford’s Left Bank Village restaurant was yesterday in the hands of receivers.
Owner Peter Mycock of Croft plc confirmed to the Journal that this was the second occasion the business had gone to the wall – this time because “the credit crunch has made it not viable. It’s in a fantastic spot, but it’s too big for Hereford and needs to be broken down into smaller units. It could not continue trading as I would have become personally liable. We will market the premises for sale or lease in smaller leisure units.”
About 70 full and part-time staff were on the payroll in December, with day-to-day operations in the hands of Mercury Management of Tamworth.
The Left Bank was sold by original developers Dr Albert and Mrs Monique Heijn, of Eign Enterprises, in November 2007, with a price tag of almost £4 million. Mrs Heijn said: “It is a huge disappointment to us that it has gone this way. It was a profitable business with us but it now looks like it has been run into the ground – twice.
“We sold it in the hope that someone would take it further. We have had suppliers who have not been paid contacting us, but we know nothing of Mr Mycock’s business,” said Mrs Heijn.
Disposal of the Left Bank buildings is now in the hands of Fisher Hargreaves Proctor of Nottingham (0115 950 7577), whose David Hargreaves told the Journal: “We are looking to split it up into a number of units. It’s in a stunning situation, but it’s too big for many cities, never mind Hereford.”
A draft sales brochure suggests the two ground floor restaurant and riverside terrace areas of 5,302 sq ft and 6,320 sq ft could be rented at £70,000 and £75,000 a year respectively.
The first floor former conference suite, function room and terrace with a total floor area of 6,320 sq ft has a rental price tag of £60,000 pa, while the former second floor Charles Bar and terrace of 4,619 sq ft, has a rental of £30,000. The brochure says the site in the city’s Bridge Street and beside the River Wye has “potential for other uses: offices, apartments, beauty salon etc”, with possession in Spring 2009 – although it is understood no plans have been lodged with Herefordshire Council yet.
A source close to the issue told the Journal: “This has come as a surprise, as the business had a good Christmas and New Year. Deposits have been taken from people booking weddings and other events.”
