Pubs 'n' Bars Share Discussion Threads

[steddieddie] 10/2/2010 12:33

More strong hints of long-term optimism:



Theatre group keeps its home

[e-mail]
27 January 2010

A PUB theatre company has been told it will not be forced to leave its home.

The Giant Olive, resident theatre company of the Lion and Unicorn, in Gaisford Street, Kentish Town, feared that it would be left homeless when Pubs 'n' Bars PLC, which owns the pub, went into administration in September.

Grant Thornton, appointed administrators for Pubs 'n' Bars, said last week that each of the company's 87 pubs would be "reviewed on its individual merits".

But George Sallis, co-founder of Giant Olive - which puts on productions above the pub - said: "We have been told that we are not going anywhere and they are going to honour the two-year contract we have.

[napoleon111] 09/2/2010 12:21

well well well great find steddie! maybe we can get some value out of pnb after all! I suppose the other option would be for aib to ship the debts into NAMA therefore writing off about 30% of the value of them, so it seems that they are open to running pnb at least medium term to see if its viable, will have to keep an eye out on things!
Thanks for that steddie

[steddieddie] 09/2/2010 10:12

Oxford Hotels appointed to run Pubs 'n' Bars

By Mark Stretton, M&C Report
09/02/2010 09:07

Pubs 'n' Bars, the collapsed managed and tenanted pub operator, is being run by a temporary management firm set up by Oxford Hotels & Inns (OHI), M&C Report understands.

It is thought that OHI has initially been asked to run the Pubs 'n' Bars business for three to six months but could be mandated to run it in the longer term.

The group was placed in administration - a process being handled by Grant Thornton – by its lead bank Allied Irish.

At the time of its collapse in December 2009 it comprised 87 sites, 14 of which have been returned to landlords - predominantly Enterprise Inns and Punch Taverns.

A move to appoint OHI to run the Pubs 'n' Bars business longer term would reflect an increasing trend by banks behind distressed assets to take longer-term ownership positions at groups, with the help of third-party management teams.

OHI, which was formed in 2006 from part of London & Edinburgh, has called its temporary management arm AM Solutions. It is understood that the buying power of OHI has already had a significant impact on the cost base of Pubs 'n' Bars.

David Thurgood, one of the administrators at Grant Thornton, told M&C: "We, together with the banks, have appointed AM - it's a medium-term solution and we will be reviewing this later in the year. We will then consider whether to extend the arrangement or to put some or all of the portfolio on the market."

The OHI management team comprises: Kamran Aziz, group managing director; John Drury, finance director; Guy Lissimore, managing director (pubs); Mark Edwards, managing director (Hotels).

It runs about 60 managed pubs and hotels, including the Carnoustie hotel and championship golf course, plus about 150 tenanted pubs.

The group is backed by the Khalastchi family, former investors in London & Edinburgh.

[steddieddie] 09/2/2010 00:00

This piece is seemingly set for tomorrow's Times. It's principally on Wetherspoon's but PNB squeaks in somewhat surprisingly at the end:



"Administrators to Pubs 'n' Bars, the AIM-listed operator that collapsed just before Christmas, have appointed Oxford Hotels & Inns, a privately owned rival, to manage the business for up to six months".

Life in the old dog yet?

[share_shark] 15/1/2010 14:53

;-) Indeed it could !.

[napoleon111] 15/1/2010 14:46

Many thanks steddie,yeah saw that article their last week, one would like to think that there may be some development potential, even though the market is in tatters, but one never knows!

[steddieddie] 13/1/2010 16:35

Nap...farewell to AIM for sure but not necessarily to all hope. All will now depend on how effective the administrators are at extracting the value of the pub estate and repaying the debt.

There could well still be a distribution to shareholders. The company said in Jul that NAV was 24p per share based on the revised 31 Dec 08 valuation of the estate. Right now, I understand that the administrators are running the business and most pubs are still trading.

Let's see how the NAV stands when the administrators finish due process, pack their bags and fat lady finally sings. I beat a well-worn path to Companies House - I'll keep you posted!

You may be interested to see this:



"...The pub could be sold to a developer and turned into flats. Anything could happen..."

Indeed it could!

[napoleon111] 13/1/2010 15:26

Looks like farewell folks :-(

[napoleon111] 13/1/2010 15:25

RNS Number : 2669F
AIM
11 January 2010

NOTICE

(13)

11/01/2010 7:00am

CANCELLATION OF ADMISSION OF SECURITIES TO TRADING ON AIM

PUBS 'N' BARS PLC

Trading on AIM for the under-mentioned securities have been cancelled from 11/01/2010 7:00am pursuant to AIM Rule 1.

Ordinary Shares of 20p each

fully paid
(0-293-446)(GB0002934460)

If you have any queries relating to the above, please contact the Company's Administrator on 020 7383 5100.

Ref: AIMNOT13

This information is provided by RNS
The company news service from the London Stock Exchange

END

[napoleon111] 09/12/2009 10:44

RNS Number : 8257D
Pubs 'n' Bars PLC
09 December 2009

Pubs 'n' Bars plc



(AIM: PNB)



("Pubs 'n' Bars" or "the Group")



Appointment of Administrators

On 4 December 2009, the Group announced that it had requested a suspension of trading of its shares with immediate effect pending clarification of the Group's financial position.

The Board has continued to explore options to address the Group's funding requirement, including continued discussions with its Bank and existing shareholders. Despite making a proposal to the Bank, it has not been prepared to provide additional funding to the Group to enable it to continue to trade.

It is therefore with deep regret that the Board announces that the Group has been advised that it has been placed into Administration with David Thurgood, Trevor O'Sullivan and Nick Wood of Grant Thornton UK LLP being appointed as Administrators of the Group with immediate effect.

The Group also announces that it has today been notified of the resignation of the Group's Nominated Adviser and Broker with immediate effect. If, within one month of the Group ceasing to have a Nominated Adviser the Group has failed to appoint a replacement, the trading of its securities on AIM will be cancelled at 7.00am on 9 January 2010.

--END--

[napoleon111] 05/12/2009 12:41

Bankers giving up?? what a load of bankers lol!

[share_shark] 04/12/2009 22:13

Nap. I agree with Dr.Jono.Nothing seems to make sense.

Yours Napoleon ?

[napoleon111] 04/12/2009 22:01

SS,your take on things here???

[dr_jono] 04/12/2009 11:52

i live in hope!

[napoleon111] 04/12/2009 11:42

Well said old chap!!

[dr_jono] 04/12/2009 11:36

it doesn't make sense for the banks to pull the plug now, just before what must be the busiest time of the year. it ain't over till it's over!

[napoleon111] 04/12/2009 11:28

o/t skr on its way back up, eases the pain ;)

[napoleon111] 04/12/2009 11:27

haha luckily i didnt, no, but usually i would have had i had a spare few shillings...i dont know to be honest, i really am in two minds about this crowd, i just think if (IF) they can get their finances sorted i dont see why they cant make us a few quid...suppose thats the same with all shares lol,but you catch my drift. Ok, i'll admit it, suspension aint good but really really really trying to look on the bright side of things. At least it wasnt my childrens education fund that i put into a pubco lmfao!!

[jeffian] 04/12/2009 10:56

N111,

They're stuffed.

"however, been in now i'm in 2 minds as to average down even more"

I hope you didn't!

[jeffian] 04/12/2009 10:00

Yes.

But I'd rather not go there.

8-)

[littleweed] 04/12/2009 09:54

Whoops sorry for that misunderstanding. Can't you offer a tiny bit of consolation by admitting to burnt fingers in some other pubco?. Anything at all, even vaguely pub related.

[jeffian] 04/12/2009 09:37

littleweed,

You misunderstood my post. When I said I have "some of those", I meant shares that had lost 90% of their value, not PBR. I do not have, nor have ever had, any PBR shares.

Thanks for thinking of me, though!

8-)