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Pubs n Bars
- BY: Andrew Hore |
- POSTED: 04/12/2009 |
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.
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