Administrators begin Pubs ‘n’ Bars salvage mission

Grant Thornton UK is assessing the future viability for the 87 venues operated by Pubs ‘n’ Bars, which went into administration in September.

The administrators are also examining the ten freehold pubs belonging to Moorgate Taverns, a wholly owned subsidiary of Pubs ‘n’ Bars.

The pub group saw its turnover fall to £10.3 million in the six months to the end of June 2009, compared with £11.2m in the same period last year.

This resulted in a pre-tax loss of £691,000, which has been largely attributed to the onset of the smoking ban and associated decline of machine income, as well as the general reduction in consumer leisure spending.

David Thurgood of Grant Thornton offered the latest update on the situation, saying: “Currently we are assessing the financial situation of the group and each of the pubs individually whilst all the pubs remain operational for the time being.

"However it is clear that some of the weaker units may need to be closed to conserve cash in the business.”

Gabriel Savage, 15.12.09