Tue, 23 Feb 2010 | DIVISION SALE
A chain of pubs formerly owned by GRS Inns, the pub management company owned by London Town, which recently went into administration, has been put up for sale.
The portfolio of leased public houses has been put on the market by the appointed agent Christie & Co. The pubs are spread across Britain, with some sites located in Hampshire, East Anglia, South Yorkshire and Scotland.
GRS Inns and parent company London Town went into administration at the end of last week, having buckled under the weight of its debts.
The GRS Inns sites have been secured in the short term under an agreement with the new owner of London Town's managed services and managed pub subsidiaries LT Pub Management Ltd, a new investment vehicle headed by former London Town management.
David Chubb, PwC joint administrator of London Town said: "In order to avoid immediate closure of the 44 leased pubs in GRS Inns, we have negotiated a short term management contract and hope this will allow time to attempt to secure the longer term survival of these pubs."
Mr Chubb added that if buyers are not found for the pubs they would revert back to the owners of the freeholds, who include Enterprise Inns and Punch Taverns.
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