Premium asks to suspend its shares
BAR and club operator Premium Bars & Restaurants (PBR) has asked for trading in its shares to be suspended as it continues talks on getting new financing in place.
The high profile company, previously known as Ultimate Leisure, has recently moved from Newcastle to Manchester but still retains some prominent outlets in the North East including Blu Bambu nightclub and The Living Room restaurant on Grey Street.
PBR, with about 50 outlets in total, has made the move for suspension because its current talks mean it will be unable to 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.
The company said it was close to finalising the terms of its short-term funding requirements.
But a statement added: “Until revised banking covenants are agreed, however, the directors are not in a position to issue audited accounts for the twelve months to June 30, 2008.”
It added: “The board remains confident that this will be achieved and the shares will resume trading in the new year.”
As part of a £28m acquisition, Premium Bars and Restaurants last year bought 13 UK sites under The Living Room brand.
Shares stood at 169.4p last January but were suspended today at 1.75p.
