PBR calls in BDO to reduce its £41m debt
PBR has called in BDO to reduce debts of £41m, which could include offloading the Living Room chain
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