Appointment of Administrators to Moorgate Taverns
10 Settembre 2009 - 1:29PM
UK Regulatory
TIDMPNB
RNS Number : 8536Y
Pubs 'n' Bars PLC
10 September 2009
Pubs 'n' Bars plc
(AIM: PNB)
("Pubs 'n' Bars" or "the Group")
Appointment of Administrators to Moorgate Taverns Limited
The Directors of Pubs 'n' Bars, the community public house owner and operator
announce that following discussions with Clydesdale Bank PLC ("Clydesdale") who
hold a charge over the property assets of Moorgate Taverns Limited (
"Moorgate"), the directors have applied to the courts for the appointment of
administrators to Moorgate, a wholly owned subsidiary of PnB with immediate
effect.
Moorgate has an estate of ten freehold public houses within Hertfordshire,
Oxfordshire and the South coast. Nine of these public houses were tenanted to
individual operators and had tied contracts for beer supply and one pub was
managed. As a result of the general economic environment, Moorgate has been
trading at a loss after finance costs and, due to the downturn in pub values,
has breached certain of its borrowing covenants with Clydesdale.
There are no guarantees from PnB to Clydesdale in respect of Moorgate's
borrowings and the net effect on cashflow will be an interest saving of
approximately GBP150,000 per annum by PnB. The book value of the pubs as at 31st
December 2008 was GBP8.03m and the debt is GBP7.08m
As a result of this, the Group now operates 94 pubs.
=-END--
Enquiries:
Mel Belligero, Chief Executive
Pubs 'n' Bars plc ` Tel: 020 8228 4800
Stewart Dickson/Paul Shackleton
Daniel Stewart & Company plc Tel: 020 7776 6550
This information is provided by RNS
The company news service from the London Stock Exchange
END
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