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Exeter's Northcott Theatre has fallen into administration following a trustees' meeting on Wednesday evening, leaving a question mark over its future.

The Northcott, which is on the site of the University of Exeter, opened its doors on 2 November 1967, with Shakespeare's The Merchant of Venice. It has been serving up performances to east Devon's theatre-going public ever since, with the exception of 2007 when it closed for most of the year for a major £2.1m refurbishment.

The trustees of the theatre released a statement indicating that they had to put the theatre into administration as they had been, "presented with financial information this week which showed the theatre to be insolvent." Geoff Myers, chairman of the trustees, added that the decision had been made "with a heavy heart."

The theatre has been reliant on funding from the University of Exeter, various local councils and the Arts Council of England.

The Arts Council has voiced its disappointment over the decision, condemning it as premature. According to the ACE, things seemed to be ok until the end of last year when they received a copy of the theatre's quarterly accounts. However, they received word from the Northcott in late January that they were having difficulties and sent in an accountant to investigate, as well as advancing funding to help keep the theatre afloat.

It appears that the trustees made the decision to enter the theatre into administration before the accountant had filed his report. No wonder the ACE is not happy.

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The UK's tax regime has prevented a large of proportion of small businesses in the UK from taking on more staff and growing their organisations, according to new research.

Over half of firms questioned by the Federation of Small Businesses (FSB) said taxes have had a negative impact on their chances of economic recovery. Businesses in the south-east of the country feel particularly strongly, closely followed by the north-west and London.

Concerned that the temporary boost to employment figures provided by the Christmas period is reaching an end, the FSB is stepping up calls for the government to freeze National Insurance Contributions and provide a National Insurance rebate for small businesses with fewer than 50 staff that take on more employees in the coming year.

"What the UK economy needs is real action to get more people into work, especially under-25s, who make up a large proportion of those currently unemployed," commented John Wright, the body's national chairman.

A cut in National Insurance Contributions would encourage small businesses to take on more staff and grow their companies, he continued: "Small firms can help to strengthen economic recovery if they are given a chance to grow and flourish, but they will need a helping hand."

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Punch Taverns has put a Northampton pub up for sale amid concerns over its future from local residents.

The fate of The Rose and Claret in West Hunsbury – the only pub in the area – was thrown into uncertainty after it was boarded up and rumours surfaced that it could be demolished to make way for housing.

A spokeswoman for Punch Taverns explained to reporters at the weekend that the pub site had been boarded up for security reasons while the company weighs up the pub's future.

"Nothing is confirmed at this stage but the pub is on the market," she added to the Northampton Chronicle and Echo. "However, we are also exploring other options which would allow it to continue as a pub and if somebody came forward looking to run the site we would be keen to talk to them."

Local councillor Paul Varnsverry further commented that he'd prefer the site to be used for a "community-type facility" than extra housing for the area. A pub or family restaurant "would bring new employment and new services", he noted.

In other news from the hospitality sector, reports that Norfolk-headquartered company London Town is set to go through a pre-pack administration process have seen shares in the firm plummet.

The debt-ridden business was established as a pub operator over three years ago when it bought nearly 170 outlets from property developer Jack Petchey.

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Pub chain Enterprise Inns has sold seven of its sites in London, raising £12 million from the auction.

The auction took place on Wednesday and each sale was offered to investors as a freehold with a 35 year lease and a break clause at 25 years, subject to six months notice.

This latest auction, through Allsops, brings the pub firm’s public auction income to £47 million. It says it may continue to raise as much as £200 million through the public auction route.

The pubs for sale this time included the Cumberland Arms in Hammersmith, which went for £1.68 million; The Lillie Langtry in Fulham, which made £1.41 million; the Northumberland Tavern in Tottenham, which raised £2.13 million and the Nellie Dean in Soho, which fetched £2.1 million. Each pub was sold with a different rent, ranging from £80,000 a year to £155,000 a year.

The sales have been lucrative and buyers are reportedly easy to come by, says Enterprise. The pub giant attributes this to the low rates of interest offered to high-net-worth individuals who are keen to make the most of cheap borrowing.

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An iconic B&B for sale in Shropshire is expected to attract "significant interest" from a wide range of potential buyers. The De Grey's Townhouse business sale is being handled by London-based Christie + Co, with a guide price of £1.25 million.

Home to De Grey's Tearooms for over 100 years, the Elizabethan property in Ludlow contains a licensed restaurant – with its own bakery shop – and nine bespoke guest bedrooms, in addition to its luxury B&B.

Christie + Co director Philip Stimpson has pointed out to prospective buyers of the hospitality business that it's listed in the Michelin Guide 2009 as a "red hotel", with the business sale encompassing the freehold of the tearoom, restaurant and shop as well as a ten-year lease on the B&B.

"This is an amazing opportunity to acquire an established and unique business that is renowned locally, regionally and further afield," he adds. "There is also scope to develop the business further, especially concentrating on building up evening trade."

The B&B for sale has been run and developed by its current owners for nearly 11 years. Its guest bedrooms have achieved a five-star Gold rating from VisitBritain and a five-star rating from the AA.

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