Racecourse owners eye up pub group

Jun 8 2009 by Chris Knox, The Journal

THE billionaire property owners behind Newcastle Racecourse are part of a consortium looking to buy struggling leisure operation Premium Bars and Restaurants PBR as its owners look to secure a sale by next week.

David and Simon Reuben, who operate London-based firm Reuben Brothers, have joined forces with a team of directors at PBR as part of a management buy-out attempt, it has emerged.

The brothers, who own Newcastle Racecourse as part of their £65.9m purchase of Northern Racing in 2007, made the top ten in the Sunday Times Rich List in 2008 and are said to have a fortune in the region of £4.3bn. The pair already have a 25% stake in the business, which operates Blu Bambu, Sea, Chase and Jimmyz nightclubs in Newcastle as well as the Living Room restaurant on Grey Street.

A spokesman for the brothers said: “Although I can not divulge much at this stage in the process, it is fair to say that Reuben Brothers is certainly interested in the business and are part of a management consortium which have placed a bid.”