Reuben Brothers to take over PBR?
Property investors the Reuben Brothers are in exclusive talks to acquire troubled bar and restaurant chain Premium Bars & Restaurants for the sum of £52 million.
PBR, which has 47 sites, including the Prohibition brand, Living Room restaurants and bars, two hotels as well as bars and nightclubs across the UK, had its shares suspended in December 2008 after it couldn’t issue full-year accounts.
Marc Cohen, from the PBR’s Financial Dynamics department said: “The exclusivity talks last until 31st of July and after that it’s anyone’s guess. Whether a deal will go through or not is yet to be seen and we can’t comment at this stage.”
The billionaire Northern Racing owners Reuben Brothers’ other ventures include Criterion Asset Management, which manages the 850-strong Wellington Pub Company, and Motcomb Estates that manages a portfolio of three Riverside Hotels.
A statement from the property investors said: “Reuben Brothers have entered into a period of exclusivity with the board of Premium Bars & Restaurants to acquire the restaurant, bar and club operator for a price of approximately £52 million.”
If the acquisition of the restaurant bar and club chain (which is £40million in debt) goes through, the statement says the brothers will “bring with them expertise in the real estate and leisure sectors. Through this wealth of experience, the Reubens will apply strong management disciplines to the business to improve the performance of the assets.”
The statement also says that while the Reubens have the backing of several big shareholders, most of the remaining shareholders have been offered the chance to invest in the deal. In April PBR received a short-term stay of execution from its lenders on the condition that it finds a buyer for its assets.
