High-profile Birmingham bar Nuvo has unveiled a new directorship after calling in the liquidators for the second time in less than two years .
The Brindleyplace cocktail lounge and club, run by brothers Chris and Cos Papachristoforou, has hit financial problems again in another blow to their city businesses. The brothers also ran restaurants Edmunds and Cielo in Brindleyplace when they collapsed into liquidation last September.
Chris Papachristoforou has blamed Nuvo’s latest problems on the insolvency of Laiki Bank in Cyprus, their businesses’ bankers.
In a new statement a spokesman for Nuvo said: “The situation is now bring resolved and we predict an exciting future ahead for the venue.
“Deuces Wild, who were trading as Nuvo, have gone into voluntary liquidation as a result of the banking crisis in Cyprus but Nuvo continues to trade under the new directorship of Pascha Limited.
“Despite the concerns the issues in Cyprus have caused these are busy times for the venue which is the haunt of Premier League footballers and celebrities as well as Birmingham’s elite.
“In coming weeks the club is hosting after parties for Drake and Lady Gaga, hosting a series of World Cup parties, Ascot Ladies Day and is launching a new oriental menu this summer.
“In addition we are extending its opening hours to four nights a week from Wednesdays through to Saturdays.”
Mr Papachristoforou added: “It has taken away all our facilities. If you have all your overdraft facilities frozen, how can you trade properly?
“We are no longer directors. It is not about Cielo, Edmunds or Nuvo, it is about what are we going to do now? How are we going to sort this mess out?
“There is no involvement. All I am trying to do is to sort out the situation with the bank and to see what we can then do from then onwards.”
Nuvo first went bust in July 2012, three years after opening, following the intervention of HM Revenue and Customs.
At the time Mr Papachristoforou blamed the slump on problems plaguing the bars and restaurant sector, with customers having less disposable income.
There were more difficulties for the brothers in September last year, when fine dining restaurants Edmunds and Cielo both collapsed , and re-emerged under the wings of a new company.
Nobody from liquidators KJ Watkin could be contacted.