Tue, 21 May 2013 | BUSINESS SALE
Bar chain, Living Room, could be sold in the coming months following news that its owner has appointed Zolfo Cooper Corporate Finance to advise.
Premium Bars & Restaurants (PBR) has already received significant interest in its Ultimate Leisure nightclub business, after the 13 sites were put on the market earlier this year. But the M&C Report has learnt that the firm has now received several approaches from funds keen to buy the Living Room business, or at least a stake in the company, which is valued at more than £10 million.
David Myers, chairman of PBR, spoke to M&C: "We were not looking for external investment in the Living Room as capital released from the sale of Ultimate sites will offer us a robust trading platform. However, the high level of interest in the Living Room encouraged us to think about this again.”
He added that there is “no hurry” given that the business has reduced its debt through refinancing and enjoyed strong sales in recent months. These same successes that are stopping PBR from pushing through a fast sale are also attracting investor interest in the firm.
Living Room was founded back in 1999 by Tim Bacon and bought by Ultimate Leisure for £28 million in 2007. Management of the business was taken over by Orchid two years later in 2009.
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