Pubs ‘n' Bars purchase of Moorgate London delayed

Pubs ‘n' Bars has said its purchase of rival pub company Moorgate London for £6.6m has been delayed due to "a minor technicality".

Moorgate London is an estate of seven freehold public houses in Hertfordshire and Oxfordshire.

Pubs ‘n' Bars said the acquisition would add £7m of fixed assets to its balance sheet and is expected generate net revenues of £400,000 a year going forward.

The company paid £6.64m for the company, taking on £4.3m of bank debt as part of the deal for Moorgate. It has issued more than five million new shares priced at 43p to fund the move.

Pubs ‘n' Bars will have an estate of 73 boozers post deal.

The deal is now expected to complete on 10 April.

Pubs 'n' Bars makes solid start to the year >>

Licensed operator Pub ‘n' Bars has ‘satisfactory' 2005 >>

New buy for Pubs ‘n' Bars >>

By Chris Druce

E-mail your comments to Chris Druce](mailto:chris.druce@rbi.co.uk?subject=Pubs 'n' Bars purchase of Moorgate London delayed) here.