Prem. Bar & Res Share Discussion Threads

[lbo] 22/2/2010 23:39

Nationalised lender Anglo Irish Bank is set to control about 200 pubs in the UK after one of its biggest borrowers in the British pub trade went into administration.

London Town Plc, which delisted from the AIM market last month, has been placed in administration after failing to deal with breaches of its loan agreements. It either owns, manages or operates 350 pubs.

[mickthesnitch] 17/12/2009 12:00

Orchid Group buy Living Room chain from administrators
Dec 16 2009 By Alistair Houghton
Add a commentRecommend THE owner of Liverpool's popular Living Room bar and restaurant has been bought out of administration.

The Orchid Group has bought 43 businesses from Premium Bars & Restaurants, including The Living Room and Prohibition brands and a number of bars, restaurants and nightclubs across the country, employing over 1500 people.

Orchid says it plans to invest £3m in its new estate over the next year.

It agreed a deal in principle with administrators BDO Stoy Hayward in October to buy the Premium Bars venues, which include the Living Room venues in Chester and Liverpool.

St Albans-based Orchid now has 292 pubs, bars and restaurants across the UK.

Chief executive Rufus Hall said: "This purchase further cements Orchid's commitment to growth, and we are delighted to have completed what is an important development for the business.

"The acquisition of Premium Bars & Restaurants is an exciting move for us with their well placed city centre locations. This deal will save hundreds of jobs and also provide significant investment right across the UK

[mickthesnitch] 17/12/2009 11:58

seems pbr assets now all sold,anyone know how much for?

[lbo] 16/12/2009 21:20

Punch Taverns shares tumble on gloomy outlook

[lbo] 09/12/2009 22:26

Pubs 'n' Bars (PNB, 2.75p, £1.1m) Following our strong sell recommendation on 28/09/09 over concerns on funding, their bank has failed to provide additional funding. The group has been placed into administration.

[jeffian] 07/12/2009 10:57

Then market makers haven't got a clue! PUB and ETI, the most "stretched" pubco's, both have EBITDA covering their (fixed) interest bill around 2x and make profits. PNB was hardly making any gross profit at all at the operating level and a thumping loss after applying interest, to the extent that its suppliers would not even deliver booze to the pubs unless they were paid cash up front!

The market really is lazy when it comes to understanding the businesses they invest in. PNB and PUB are not "peers", they just both happen to operate in the same area. Pub retailers (eg JDW, MAB), Tenanted pubco's (ETI, PUB), Late night/clubs (LMR), pub/restaurants (WTB), whilst all operating in the same area, are quite different business models yet the market lumps them all together as 'pubs'. Phhhhh!

[lbo] 07/12/2009 10:06

Troubled pubs group Pubs'n'Bars has asked for trading in its shares to be suspended while it sorts out its financial position. Market makers have taken the view that this is not a good sign for similarly stretched sector peers such as Punch Taverns

[lbo] 24/11/2009 00:29

Lloyds takes £600m hit on Admiral pubs

[lbo] 12/11/2009 00:17

Orchid 'to buy PBR on 30 November'

[timbo003] 04/10/2009 07:37

It looks like there will be MBO or pre-pack and that RBS are going to appoint another pub/bar company to run PBR.

[lbo] 13/9/2009 09:54

Robert Dyas debt-for-equity swap gives lenders Allied Irish and Lloyds Banking Group majority stake



Robert Dyas, the hardware chain, has secured its future after agreeing a debt-for-equity swap that hands a majority stake in the business to its lenders.



A Business Profile of the Barclay Brothers




Administrators of Premium Bars and Restaurants (PBR) say they are in "advanced talks" with several potential buyers of the company's assets.

Dermot Power, business restructuring partner at BDO Stoy Hayward, said: "I do anticipate that there will be a flurry of activity next week.

"All the names in the Premium Bars and Restaurants portfolio are well known on high streets throughout Britain, and they have been attracting customers as ever.

"What has interested me is the amount of interest I've received from entrepreneurs who have been interested in individual sites. But I anticipate that the company will not be split up in this way.

"We are currently in discussions with several interested parties and are confident of securing a sale of the business.

"All of the names in the PBR portfolio are well known on high streets throughout the UK and Ireland. The outlets continue to attract loyalty from their wide customer base. "However, the sudden and sharp economic downturn, and subsequent recession, has impacted on the usually high disposable income of the group's target market.

"These customers have begun to select the weekend for their discretionary spend. As a result this shift has impacted significantly on a business with high fixed overheads."

The company's brands include Living Room, Prohibition and the Bel & Dragon brands.

[lbo] 31/8/2009 22:16

Allied Irish Bank owed nearly £20m by collapsed Bar Room Bar chain





Bar Room Bar, the 16-strong bar business that was bought from Orchid in June 2007 and crashed into administration in April this year, is set to leave creditors out of pocket by around £16m, a report by administrator Zolfo Cooper indicates

[lbo] 18/8/2009 07:01

Indeed!

Men investing badly... Morrissey loses £2.5m





But the Reubens are still doing ok relative to others according to the Rich list! LOL



The Reuben Brothers moved up a place from number 10 to number nine on the list, although their fortune also fell, by £1.8bn

[jeffian] 17/8/2009 17:39

LBO,

I know you made a 10% turn at some point on the way down, and well done to you, but at the time the discussion was about whether the Reubens original buy at around 265(?) was a buy signal and I counselled against slavishly following very rich entrepreneurs with their own agenda. As it turns out, the Reubens have taken a caning, as has anyone who followed them in (but I think that may have been their intention in the first place; they just didn't expect to be caught out themselves). Anyway, all history now.

[lbo] 17/8/2009 10:45

Do you think I care what the price is over two years later! LOL

jeffian - 28 Nov'06 - 10:49 - 556 of 579

I wonder if it's time to call bottom on this now? A few days sustained recovery from the low and now a couple of days' stability despite very weak general market conditions. What do you think?

[jeffian] 16/8/2009 21:51

"LBO - 22 May'07 - 13:20 - 577 of 579 edit
Well the price is now £2.20. The market has a nasty habit of transfering wealth from the impatient to the patient."


Errrrr....the price is now 0p. Your point is?

[lbo] 16/8/2009 12:07

LOL











LBO - 22 May'07 - 13:20 - 577 of 579 edit


Well the price is now £2.20. The market has a nasty habit of transfering wealth from the impatient to the patient.

jeffian - 22 May'07 - 13:47 - 578 of 579


Indeed. Particularly if they buy at the right time!

;-)

LBO - 22 May'07 - 16:45 - 579 of 579 edit


They say there is only one thing worse then losing money and thats loosing out on an opportunity to make a quick profit!

[jeffian] 16/8/2009 11:16

Ah, the dangers of believing rich men are any cleverer than the rest of us!

"TheCleaner - 19 Sep'06 - 08:05 - 542 of 579
I like what they call excellent cashflow. £6m cash outflow before financing. The only reason they kept their head above water is via £10m new financing. These people are liars and wouldn't touch it with a barge pole.

LBO - 19 Sep'06 - 10:27 - 543 of 579
Well thats why your the cleaner and why the Reubens are millionaires!

jeffian - 19 Sep'06 - 11:02 - 544 of 579 edit
Slightly less millions in this one than they started with. Who knows about their longer-term strategy, but their timing isn't great:


LBO - 19 Sep'06 - 12:01 - 545 of 579
Their record speaks for itself. But hey! thats why they make the serious money and the rest of the fools post on advfn wishing they could make any money.

I suspect we will see their "strategy" soon"




August 16, 2009
David and Simon Reuben furious as the banks call time
The billionaire brothers face big losses at Premium Bars

I suspect the only difference between them and "the rest of the fools (who) post on advfn wishing they could make any money" is that they can afford the loss!

[jeffian] 07/8/2009 09:11

Reuben brothers see £52m bid for Premium Bars & Restaurants rejected
6 August, 2009

By Hamish Champ

[seahorseleisure] 01/7/2009 13:01

Lights out, doors closed, final nail firmly put into coffin.

Thankyou and goodnight!!


NOTICE

(469)

01/07/2009 7:00am

CANCELLATION OF ADMISSION OF SECURITIES TO TRADING ON AIM

PREMIUM BARS & RESTAURANTS PLC

Trading on AIM for the under-mentioned securities have been cancelled from 01/07/2009 7:00am pursuant to AIM Rule 41.

Ordinary Shares of 10p each

fully paid
(0-745-613)(GB0007456139)

If you have any queries relating to the above, please contact the company's nominated adviser on 020 7418 8900.

AIM Regulation

Ref: AIMNOT469

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

END

[tjs2] 26/5/2009 08:51

jeffian - 29 Jan'09 - 11:23 - 67 of 85

Looks like you got it spot on in your post Jeffian.

Fortunately (for me) it didn;t come out of suspension so I couldn't buy any.

Cheers

TJS

[jeffian] 22/5/2009 09:28

This was entirely foreseeable, timbo. I posted this on the ULG (former name of PBR) thread 2 1/2 years ago when the Reubens were being touted as the saviours of the company.

"jeffian - 19 Oct'06 - 16:12 - 550 of 579 edit
.........To those who think that the presence of rich men and 'active funds' on the shareholders' register signifies untapped value for all shareholders, have a look at EUC (Peter Gylenhammer played the part of the Reuben Brothers there). Unless you know the agenda of these people and understand their end-game, it's a dangerous game to play. For example, one might be relaxed about paying 250/share for a 29.9% stake if it put you in pole position to pick up the rest for next to nothing. "They are different to you and me, the rich" (misquote, probably!); they are in this for themselves and certainly will not be looking out for the interests of other shareholders."

[timbo003] 22/5/2009 04:31

If the report in today's Times proves to be accurate, it is definitely game over for shareholders (except the Rubens Brothers).



My commiserations to shareholders.