The future of The Rule in St Andrews’ South Street is one of 15 pubs and bars whose future is in doubt after parent company Maclay Group appointed administrators.
The move came after company directors failed to find “a strategic solution to the financial pressures facing the business.”
Maclays said that directors took the decision to appoint administrators to protect the employment of its 500 staff and the business which remains profitable.
Administrators EY said that Colin Dempster and Gavin Yuill had been appointed joint administrators to Maclay Group plc and its trading arm, Maclay Inns Ltd,
The Alloa-based company, which can trace its history back to 1830, owns 15 pubs and restaurants across Scotland, including The Rule, and also manages another five licenced properties north of the Border under a management contract.
The management contract for a further seven properties transferred to LT Pub Management, a completely separate company, last Friday.
Joint administrator Mr Yuill said: “Faced with an unexpected funding requirement, the directors of Maclay Group plc and its trading subsidiary Maclay Inns Ltd decided to call in administrators to protect the business and safeguard jobs.
“The contract for seven managed properties immediately transferred to LT Pub Management. EY will continue to trade the fifteen properties owned by Maclay Inns Ltd, plus the five managed properties as a going concern while a buyer is sought.
“The underlying business remains strong and we have received a number of expressions of interest as might have been expected given the esteem in which the brand is held.”
In the St Andrews pub it was very much business as usual as the bar celebrated Burns Night and Australia Day over the weekend, and showed football on the big screen. It is also advertising plans to show the Six Nations rugby games from the beginning of next month on the big screen.
Last year, following a make-over the bar also changed its menu, which did not prove popular with customers and it has recently re-introduced the “old favourites”.