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Share Name | Share Symbol | Market | Type |
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Panamerican Bancorp | AMEX:PNB | AMEX | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0.00 | - |
RNS Number:8765S Pubs 'n' Bars PLC 04 December 2003 Pubs 'n' Bars Plc Community Taverns Ltd Pubs 'n' Bars Plc is pleased to announce that it has acquired a 15 per cent. interest in Community Taverns Ltd. Community Taverns has today agreed terms to acquire, subject to landlord's consent, 32 pubs previously owned and operated by Balaclava Pub Company Limited from the receiver, RSM Robson Rhodes LLP. Community Taverns' other shareholders include Bank of Scotland, who are the principal bankers to the business. Pubs 'n' Bars has also entered into an agreement with Community Taverns under which it will operate and manage the pubs for a fixed annual fee per pub. In aggregate this is expected to generate in excess of #450,000 of additional revenues for Pubs 'n' Bars. Pubs 'n' Bars is expected to invest in Community Taverns up to a maximum of #750,000 over the next 18 months by way of loan capital in order to fund capital expenditure. Commenting, Mike Mealey, Chairman of Pubs 'n' Bars, said "We are delighted to have made this investment alongside Bank of Scotland. The management of this estate will significantly increase the number of pubs operated by Pubs 'n' Bars but will require only a modest increase in manning levels". Trading Update Trading in Pubs 'n' Bars continues to be satisfactory despite difficult trading conditions. Like for like sales for the managed estate are 1.4 per cent. ahead of last year and are 6.7 per cent. ahead in the tenanted estate. One unprofitable leasehold has recently been sold at book value so that the estate of 65 is now split as follows:- Freehold - 24 Tenanted - 21 Leasehold - 41 Managed - 44 This information is provided by RNS The company news service from the London Stock Exchange END TSTILFVSFDLSIIV
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