Industry sources say Premium Bars and Restaurants (PBR) has been placed in administration after the Reuben brothers withdrew a bid for the stricken company
The Reuben brothers, who have £45m invested in the company, tabled a bid for £50m to buy the company. The offer was reduced to £42m last week but was later withdrawn. The move means that the Reuben brothers are effectively walking away from their earlier £45m investment in the company.
It is understood that BDO Stoy Hayward will handle the administration and is likely to appoint Licensing Solutions to oversee the company on an operational basis.
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