Newspaper article The Journal (Newcastle, England)

Serious Buyers Look at Bar Chain, Which May Break Up

Newspaper article The Journal (Newcastle, England)

Serious Buyers Look at Bar Chain, Which May Break Up

Article excerpt

Byline: Christopher Knox

ADMINISTRATORS of the troubled leisure chain Premium Bars and Restaurants (PBR) say they have received "serious interest" in the business from potential buyers, with a number of its rivals said to be in the frame.

BDO Stoy Hayward remains confident of selling the firm and its assets after revealing that it has received several firm expressions of interest and expects to begin assessing formal bids by the end of the month.

The group went into administration earlier this month after a deal with the billionaire Reuben Brothers fell apart, which saw 54 workers' jobs axed as a result of the immediate closure of three of its 48 outlets, including the Rewind bar in Newcastle's Bigg Market.

PBR has racked up debts of more than pounds 40m, mainly as a result of its purchase of the 13-strong Living Room restaurant chain in 2007 with pounds 32m of bank lending. It has since ceased trading after failing to secure additional funding and last year revealed a pounds 21. …

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