16 June 2009
Reuben Brothers put in bid for PBR
UPFRONT, news, night online, COMMENTS
Media representative for the Reuben Brothers, Charles Stewart-Smith, today confirmed the billionaires have put in a bid for stricken bar and nightclub business Premium Bars & Restaurants (PBR).
Although Stewart-Smith refused to disclose details regarding the bid, it is estimated at around £40 million.
Newcastle Racecourse owners David and Simon Reuben, who own the London-based property and private equity empire Reuben Brothers, are currently in the process of working out the best way to deal with the company’s estimated £45m of debt funding, existing shareholders and head office staff.
Stewart-Smith commented: “There are a number of variable factors determining how it will come out, there is a certain amount of debt at Premium and we need to work out how that debt will be dealt with. There’s also shareholders to consider.”
The brothers, who hold a 32.5% stake in the AIM-listed group, have offered to buy all but five of PBR’s estate, which includes the Living Room and Bel and the Dragon brands.
The bidding process was launched by PBR’s banks in an attempt to recoup their debts. BDO Stoy Hayward will now assess the offer.
From: Night Online
Subscribe to NIGHT magazine
comments
Add Comment
|
