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Pubs n Bars

  • BY: Andrew Hore |
  • POSTED: 17/11/2009 |

Pubs ‘n’ Bars says that it is in talks with its banks about future funding. 

Trading remains difficult and it is increasingly hard to get credit from suppliers which is making the cash position worse.

Net debt was 35.6m at the end of June 2009 and all of the bank debt was short-term having been classed as long-term one year earlier. Since then Moorgate Taverns, which had debt of 7.08m was put in administration. There were no guarantees from Pubs n Bars. A pub disposal in August yielded 57,500 in cash.

The company reported a loss of 691,000 on revenues of 10.3m in the six months to June 2009.

Pubs n Bars released the trading statement four minutes before the end of the days trading. That was still long enough for the share price to drop 1.125p to 3.5p, which values the pubs operator at 1.39m. The net asset value of the company was 8.82m at the end of June 2009 but it has declined rapidly in recent years.

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