Portfolio of ten pubs for sale

Tue, 15 Sep 2009

RSM Bentley Jennison has placed Moorgate Taverns, a division of Pubs 'n' Bars, into administration.

The business consists of ten freehold pubs located in Oxfordshire, Hertfordshire and on the South coast, which are to continue to trade while the administrators assess Moorgate's options.

It is thought RSM may decide to sell the pubs either now or when the property market improves.

Moorgate's move into administration was to protect the parent firm. RSM had been advising Moorgate's bank, Clydesdale, for some time.

Moorgate had been operating at a loss and had breached some of its borrowing covenants with Clydesdale.

Pubs 'n' Bars bought Moorgate Taverns in 2007 for £9.27m, and took on £7.08m of debt as part of the deal. It was expected that Moorgate Taverns would bring an additional £670,000 of revenue to the company. The purchase brought Pubs 'n' Bars' total number of pubs to 106 - 54 freeholds and 52 leaseholds.

At December 31, 2008, the book value of the pubs was £8.03m, and its debt stood at £7.08m.

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