Pubs ‘n’ Bars made a loss of nearly £9m last year and breached it banking covenants as a fall in the property market led to the re-evaluation of the value of its pubs.
In the year ended 31 December 2008, the company made a loss of £8.9m compared with restated profit of £341,960 in 2007. This was despite turnover increasing 11% to £22.3m (2008: £20m).
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http://www.caterersearch.com/Articles/2009/06/30/328425/pubs-n-bars-breaches-banking-covenants-as-it-slides-into-the.html
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