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PBR deal falls through
By Helen Patenall
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City of London Corporation
£35,663 - £39,805pa + Local Govt Pension + benefits
location: Epping Forest, London, United Kingdom
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A £48m buy out of Premium Bars & Restaurants (PBR) by the Reuben brothers has fallen through.
According to The Times, negotiations to purchase the failing owner of the Living Room and Prohibition Bar & Grill chains stalled when the brothers, who already own 32.5 per cent of the company, tried to amend the terms.
The property duo requested new conditions to limit the amount of assumed debt that came with the deal, leading PBR's bankers, led by Royal Bank of Scotland, to delay proceedings.
It is thought that other interested parties may include Ladhar Leisure, Risk Capital and Cross Oak Inns.
PBR reported a pre-tax loss of £21.4m for the 12 months to the end of June.
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A £48m buy out of Premium Bars & Restaurants (PBR) by the Reuben brothers has fallen through.
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