Trading suspended

Dec 31 2008 by Graeme King, The Journal

TRADING in shares in the business behind many of the North East's best known pubs and clubs has been suspended.

As Ultimate Leisure, Premium Bars & Restaurants (PBR) operated many of the big bars and clubs on the Bigg Market and the Quayside and had its head office on Mosley Street in Newcastle.

The business has been transformed in recent times, changing its name and moving to Manchester, but it still owns big name premises such as BluBambu nightclub, The Living Room restaurant on Grey Street and The Lodge on Mosley Street, employing hundreds of staff.

Yesterday, the company announced it had asked for trading in its shares to be suspended as it was continuing talks on getting a new financial structure in place and would be unable to obey City rules which state it must issue accounts to shareholders within six months of its June 30 year end.

The group, which announced on December 17 that it is seeking to refinance debts, said banks and key stakeholders continue to remain “very supportive“ of the business.

Shares stood at 169.4p last January but were suspended today at 1.75p.