Latest NewsGlobe Pub Company on the brink of administrative receivership(29 October 2009 10:35)The Globe Pub Company is on the brink of being placed into administrative receivership, it was reported last night.
The group, which was created four years ago when Robert Tchenguiz’s investment vehicle R20 bought 360 pubs from the Spirit group for £345m, could make an announcement today, sources said. The Bank of New York Mellon, which became the trustee to Globe’s bondholders after the 421-strong tenanted pub group defaulted on a £257m asset-backed loan in April, has reportedly lined up Zolfo Cooper as receivers to the business. The move could lead to Globe being sold to a new vehicle backed by brewing giant Heineken, which is understood to be prepared to pay £180m for its assets. Article continues below
Heineken, which has a 30-year beer supply contract with Globe, acquired a substantial chunk of the senior debt of the company in April. The acquisition – the first time Heineken has bought a direct interest in a pub operator - gave the brewer a blocking stake, and a say in Globe’s future. Globe Pub Company to sell 17 sites >> Drink sales drop at Globe Pub Company due to poor summer >> Laurel looks to put up to 100 pubs into administration >> Tchenguiz sells his 25% stake in Mitchells & Butlers >> By Daniel Thomas
Source: CatererSearch |
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