Pubs operator Pubs 'n' Bars has asked for its shares to be suspended from trading, ahead of a "clarification of the Group's financial situation".
The AIM-listed firm operates around 100 "community pubs", 66 of which are managed and 32 of which are tenanted.
In a trading statement last month, the firm warned of "difficult trading conditions and a lack of supplier credit", which it said was having an adverse effect on its working capital.
It added that its bankers were supporting the business on a day-to-day basis but that discussions with them regarding its future funding were still “ongoing”.
In September, Moorgate Taverns, a wholly-owned subsidiary of Pubs ‘n’ Bars, which operated a 10-strong pub estate in Hertfordshire, went into administration after trading at a loss and breaching its banking covenants.
Pubs 'n' Bars declined to comment further on this morning's announcement.
Pubs ‘n’ Bars to put Moorgate Taverns into administration >>
Pubs ‘n’ Bars breaches banking covenants as it slides into the red >>
Pubs ‘n’ Bars sees sales stall over Christmas period >>
By Neil Gerrard
E-mail your comments to Neil Gerrard here.
If you have something to say on this story or anything else join the debate at Table Talk - Caterer's new networking forum. Go to www.caterersearch.com/tabletalk
Caterersearch.com jobs
Looking for a new job? Find your next pub job here with Caterersearch.com jobs
| | Newsletters
For the latest hospitality news, sign up for our e-mail newsletters. | | |