Paul Clark, John Whitfield and Matthew Ingram, partners at Duff & Phelps, were appointed joint administrators of Tiptoptap Limited (formerly Gatecrasher Clubs and Bars Limited) and Late Night Watford Limited (formerly Gatecrasher Holdings Limited) on 2 August 2013.
Following the appointment, it immediately secured the sale of the business and certain assets to Gatecrasher (Birmingham) Limited, Gatecrasher Clubs and Bars Limited and GLN Trading Limited, securing over 100 jobs.
A report by administrators Duff and Phelps said the previous business had amassed operating losses of £1.1m from June, 2012, to March 31, 2013.
The report said 'recessionary economic factors and continued competition in certain locations put pressure on bar prices and entrance fees. This made it difficult to maintain attendance levels, causing the companies to incur losses. The companies owe in excess of £500,000 to HMRC and are unable to pay debts.'
The business - established for over a decade - traded four night clubs located in the centre of Birmingham, Leeds, Nottingham and Watford in addition to a bar adjacent to the Watford club.
Paul Clark of Duff & Phelps, stated: 'We're really pleased with the outcome. It is great news that the future of Gatecrasher as a business and brand has been secured, including approximately 120 jobs.'