Premium Bars delays results
LIVING Room owner Premium Bars & Restaurants has delayed the publication of its half-year figures, as talks continue with its bankers.
The AIM-listed company, which is headquartered in Hale, Greater Manchester, said it hopes to publish its results for the six months to December 28 last year “in the next few days.” Under AIM rules its should have reported them today.
A brief statement said: “PBR has been continuing to negotiate with its bankers regarding short term funding arrangements for the business. A further update will be made in relation to the company’s funding discussions as soon as is practicable.”
The company has had a torrid time of late with the consumer spending downturn, the smoking ban and duty hikes on alcohol all taking a toll. In a trading update in January it said the market place continued to be challenging and that like-for-like sales had fallen 8.5 % in the six months to December 28.
As the company struggles there has been speculation that it may be forced to sell the Living Room chain in a bid to cut its debts. Its shares have been suspended since December 30.
