PBR calls in BDO to reduce its £41m debt

AIM-listed Premium Bars and Restaurants (PBR) has called in BDO Stoy Hayward to look at a number of options to reduce its debts of £41m, which could include the sale of the Living Room chain.

The Living Room, founded by Tim Bacon, a former star of Australian soap Sons and Daughters, became a popular site in Manchester for footballers and other celebrities and had 14 restaurants nationwide when it was sold for £28m last year.

PRB made the decision to call in BDO with its main banking partner, the Royal Bank of Scotland, the Manchester Evening News reports

The company's debts are said to be almost eight times the company's 2007 underlying profits of £5.2m. Last month, it had a change of chairman when Mark Jones was replaced by senior non-executive Charles Williamson.

Further reading:

Restaurant FD leaves as business relocates

Read the Manchester Evening News story