Shares suspended in Premium Bars
SHARES in the Living Room owner Premium Bars were suspended today after it has so far failed to agree new banking facilities with its lenders.
The Hale-based company, which recently parted company with its executive chairman, Mark Jones, announced on December 17 that it was in continued discussions with its banks to renew its banking facilities.
However it added that until revised banking covenants are agreed, directors are not in a position to issue audited accounts for the twelve months to June 30.
In a statement Premium Bars said: “Under the AIM rules there is a requirement to issue accounts to shareholders within six months of its year end.
“The resultant delay in financing means that the company will be unable to issue audited accounts within the period. As a result, Premium Bars has requested that trading in its shares is suspended until such time as accounts are available to shareholders.”
The news ends a torrid year for the group which recently moved its headquarters to Hale. In October, Premium Bars revealed underlying losses of £900,000 for the year to June 30, while the bottom-line figure widened to £21.4m following a review of property valuations.
It said a decline in people visiting its venues early in the week, consumer cutbacks in drinking and dining out and increased supplier costs all contributed to its losses.
At the time of the results, Mr Jones he would be leaving the company with 12 months, however with weeks he quit Premium Bars.
Today, the group said it remains confident that it will reach an agreement with its lenders and shares will resume trading in the New Year.
It added: “The company can confirm that its banks and key stakeholders continue to remain very supportive of the business, and are close to finalising the terms of its short term funding requirements.”
