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Failed pubco Barracuda owed £253,256

30-Nov-2012

Barracuda, the pub company that restructured as Bramwell, was placed into administration owing creditors a net amount of £253,256.

The c.200-strong firm owed a net sum of £157,841 in rental obligations and had a net utilities bill of £17,864, a report into subsidiary Barracuda Pub Company from its administrator PricewaterhouseCoopers has revealed.

The largest single creditor, the brewer Scottish & Newcastle UK, was owed £9,761, while its rival AB InBev was owed £2,207.

Ironically, drinks wholesaler WaverleyTBS, which itself collapsed last month owing unsecured creditors £64.5m, was owed £5,826 by Barracuda. Just £54,727 is expected to be available to unsecured creditors.

The report also puts the value of Barracuda’s assets that it expects to realise at just £258,635. This includes £187,815 from a book value of £5.1m for fixtures and fittings. A group loan of £16.3m is expected to realise nothing.

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