Premium Bars & Restaurants sells three sites

From The Publican

By Hamish Champ , 18-Dec-2007

Related topics: General News, Company & City News, Property News

Premium Bars & Restaurants (PB&R) has sold three sites situated in the city centre of Newcastle-upon-Tyne as part of its drive to focus more on food-led businesses.

The group, formerly known as Ultimate Leisure, disposed of the properties - one freehold and two leaseholds - for £1.4m.

According to Craig Bell, P&BR's finance director, the venues were typical City centre bars with capacities of between 300 and 400 people.

"These disposals of non-core sites are part of our repositioning towards a more food-led business," he said, although he added the group was still making good returns on its late night operations, in spite of the tough trading environment.

PB&R has in the last year bought the Living Room restaurant brand and food-led pub outfit Bel & The Dragon as part of its new strategy.

Bell said the group had funds to acquire more sites, and opportunities were always being assessed, although the group "won't be rushed into buying anything".

PB&R had £6m left over from its recent £25m share issue, a credit line of £10m, plus "very supportive shareholders", he added.

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