Premium Bars and Restaurants (PBR) has received a short-term stay of execution from its lenders on the proviso that it finds a buyer for some or all of its assets.
The embattled nightclub, bar and restaurant operator, which is £40m in debt, has seen its value plummet from £75m this time last year to just £770,000, while its shares were suspended at the end of last year after its bankers refused to release more funding.
But company, owner of the Bel and Dragon and Living Room chains, has now secured funding for a period of up to 12 weeks on the condition that it begins the process of selling some or all of its assets.
Reports have suggested that both former chairman Mark Jones – who left the group last October - and Living Room founder Tim Bacon have been approached about taking on some of PBR’s best assets.
In a statement, PBR said: “The board will continue to review contingency plans in the event that a sale or sales cannot be achieved on suitable terms.
“The company has appointed advisors to assist the company in determining the best option, or a combination of options, to maximise value in the PBR group of companies going forward.”
Although the company vowed to release interim results for 2008 “in the next few days” last week, it then stated on Friday (April 3) that it was not in a position to do so “given the current circumstances”.
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By Daniel Thomas
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