Member login | Not a member? Sign up
Shares in Pubs’n’Bars have been suspended “pending clarification of the group’s financial situation”.
At the suspension price of 2.75p a share, the pubs operator is valued at £1.1m.
The financial situation has been poor for some time.
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. NAV has fallen from £22.2m at the end of 2007 to £8.8m at the end of June 2009.
© 2023 Aim Micro. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
Keep up to date with articles published at AIMMicro.com. Subscribe to AIM Micro RSS Feeds