Mon, 15 Feb 2010 | ADMINISTRATION
London Town, the debt-ridden firm that has been working with companies like Punch Taverns and Enterprise Inns to re-open closed pubs, is reported to be on the verge of administration.
Managers of the business have been looking for solutions to London Town's debt burden. It started out as a residential property developer, making the move to the pub sector in 2006 after acquiring 167 outlets from property investor Jack Petchey for more than £94 million.
The pub acquisitions made by the business are believed to have been funded through a £72.8 million Anglo Irish Bank loan, a £14 million discounted bond issue and a £14.3 million share placing. London Town currently owns 407 managed and tenanted pubs which are likely to be put up for sale if the administration process goes ahead.
Amid a slump in trade for the pub industry, the company's pre-tax losses for the year to 28 December 2008 were revealed last June to have more than doubled from £11.6 million to £24.7 million.
Drawn up on a going concern basis, the accounts also uncovered breached covenants on London Town's £83.7 million bank loans as the company entered talks with its lenders over the terms of its banking facilities.
Last July, the firm admitted it was considering a debt-for-equity swap with its major shareholders, but nothing came of the proposal.
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