Cains Beer Company has appointed PricewaterhouseCoopers as its administrator.
This has been on the cards since 1 August when Cains shares were suspended at 3p each. That valued the brewer and pubs operator at £4.53m but there doesn’t appear much chance of shareholders getting any money from the administration.
Cains reported a loss of £4.62m in the six months to April 2008. Nearly one-quarter of that loss relates to interest charges. Net debt is £32.9m, whereas net assets are just over £1m.
Management couldn’t come to an agreement with its bank, the company’s Royal bank of Scotland.
Cains employs more than 1,000 people. PWC says its current intention is to keep running the brewery and the pubs. There has already been interest in the brewery and the pubs.
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