News blog
Pubs n Bars
- BY: Andrew Hore |
- POSTED: 10/09/2009 |
Pubs ‘n’ Bars has placed its Moorgate Taverns subsidiary in administration.
Moorgate owns 10 pubs and has been trading at a loss. The subsidiary had breached its banking covenants. Pubs ‘n’ Bars will save £150,000 in interest payments.
Pubs ‘n’ Bars had net debt of £35.6m at the end of 2008. Moorgate accounted for £7.08m of that debt.
A pub disposal in August yielded £57,500 in cash. The company now operates 94 pubs.
Shares in the pub owner fell 1.125p to 6.125p each, which values the company at £2.44m. The share price has more than halved over the past year.
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