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Pubs‘n’Bars has been placed in administration.
That does not come as a big surprise because the pubs operator has been struggling under enormous debts. 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. The company’s bank was not willing to provide additional funding.
Grant Thornton is the administrator.
The shares were suspended on 4 December 2009. At the suspension price of 2.75p a share, the pubs operator was valued at £1.1m.
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