Trouble is brewing for Premium Bars & Restaurants after its sale to the wealthy Reuben brothers reportedly collapsed.
Negotiations over a £48m deal fell apart last week after David and Simon Reuben, who own 32.5% of PBR, attempted to reduce the amount of debt they would take on to reflect the decline in the trading performance of the group’s 48 outlets (which include the Living Rom, Prohibition Bar and Grill chains).
Bankers for the group, led by the Royal Bank of Scotland, stalled talks after the proposal to write off debts of more than £40m.
Although RBS could take control of PBR, there is apparently no shortage of interest from potential buyers such as Ladhar Leisure, an operator of bars and lapdancing clubs, which is keen to take on the whole company, reported The Times.
Surrey-based Cross Oak Inns has also expressed an interest in the company’s gastropub business, the Bel and the Dragon, while former owner of Manchester United footballer hangout The Living Room, Tim Bacon, has renewed interest in the company along with private equity firm Risk Capital led by Luke Johnson.
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By Emma White
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