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PBR bosses blame banks for administration
Bosses at Premium Bars and Restaurants have pointed the finger sqaurely at the banks after the company went into administration, potentially threatening 11,800 jobs.
The company owns over 50 bars, restaurants and clubs across the UK, including The Living Room and Prohibition Bar & Grill chains.
PBR had been in talks with property entrepreneurs Reuben Brothers over a buy-out deal worth £52 million, but the offer has been withdrawn.
David and Simon Reuben attributed the collapse of this agreement to a lack of support from the banks, who they claim “frustrated any conceivable opportunity” to save the business from the administrators.
Three outlets in Belfast, Newcastle and Glasgow have already been closed, with the loss of 77 jobs. Administrators BDO Stoy Hayward is seeking to ensure that the other sites can continue to trade. In total, PBR employs around 1800 people, making it one of the UK’s largest restaurant operators.
Reuben Brothers have left open the option to acquire some of the PBR assets if the administrators decide to break up the company.
Gabriel Savage, 11.08.09