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Reubens blame banks for failed sale of Premium Bars and Restaurants

07 August 2009 by
Reubens blame banks for failed sale of Premium Bars and Restaurants

Property entrepreneurs the Reuben brothers have refuted claims that they precipitated the collapse of the Premium Bars and Restaurants sale by changing the terms of their £52m offer.

David and Simon Reuben said their bid for the Living room and Prohibition bar operator, which has been rejected by the company's banks, led by the Royal Bank of Scotland, represented the "best available price".

"The senior lenders have frustrated any conceivable opportunity to keep the business trading as a viable entity and as a result will fail to safeguard the vast majority of jobs within the group," the brothers said.

"The bid represented the best available price for the company while keeping the business trading as a viable entity and safeguarding the vast majority of jobs."

Administrator BDO Stoy Hayward has closed three outlets to date with the loss of 77 jobs and is seeking buyers for the remaining 45.

The Reuben brothers added that they remain interested in the company and "might still acquire some of the assets if the administrators were to decide to break up the company."

Sale of Premium Bars and Restaurants collapses >>

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

Premium Bars seeks buyer to secure loan >>

By Emma White

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