Pubs ‘n' Bars seek to suspend trading shares

04 December 2009 by
Pubs ‘n' Bars seek to suspend trading shares

Pubs operator Pubs ‘n' Bars has asked for its shares to be suspended from trading, ahead of a "clarification of the Group's financial situation".

The AIM-listed firm operates around 100 "community pubs", 66 of which are managed and 32 of which are tenanted.

In a trading statement last month, the firm warned of "difficult trading conditions and a lack of supplier credit", which it said was having an adverse effect on its working capital.

It added that its bankers were supporting the business on a day-to-day basis but that discussions with them regarding its future funding were still "ongoing".

In September, Moorgate Taverns, a wholly-owned subsidiary of Pubs ‘n' Bars, which operated a 10-strong pub estate in Hertfordshire, went into administration after trading at a loss and breaching its banking covenants.

Pubs ‘n' Bars declined to comment further on this morning's announcement.

Pubs ‘n' Bars to put Moorgate Taverns into administration >>

Pubs ‘n' Bars breaches banking covenants as it slides into the red >>

Pubs ‘n' Bars sees sales stall over Christmas period >>

By Neil Gerrard

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