Orchid Group poised to snap up Premium Bars and Restaurants

09 October 2009
Orchid Group poised to snap up Premium Bars and Restaurants

The Orchid Group, the 250-strong pub chain, is in advance discussions to rescue Premium Bars and Restaurants (PBR) from administration.

BDO business restructuring partners, Shay Bannon, Dermot Power and Tracey Pye, have now confirmed they are discussions to sell the business and assets of PBR to Orchid, which is backed by private equity firm GI Partners.

An exclusivity agreement is currently being finalised and a sale is expected to complete in four to six weeks.

PBR, which employs a total of 1,800 staff, operates brands including The Living Room, Bel & The Dragon and Prohibition.

The announcement of the Orchid deal marks the end of a turbulent period for PBR that began with the departure of former executive chairman Mark Jones late last year.

In June, the group signed an exclusivity agreement with a potential buyer - rumoured to be the billionaire Reuben brothers - only for this to lapse.

Orchid itself was placed into administration last December, before being immediately rescued via a management buyout and a financial restructuring.

Premium Bars & Restaurants tight lipped on reports of Reuben brothers £40m bid >>

Premium Bars seeks buyer to secure loan >>

Sale of Premium Bars and Restaurants collapses >>

Reubens blame banks for failed sale of Premium Bars and Restaurants >>

Premium Bars & Restaurants says goodbye to chairman >>

Orchid Group rescued from administration >>

By Daniel Thomas

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