RBS retains control of Merchant Inns
The lead bank to Merchant Inns, the collapsed pubs-with-rooms operator, is believed to have retained control of the group.
Breare: former boss left after falling out with Ritblat
Reports at the weekend suggested that a bid by Sir John Ritblat, the property entrepreneur and co-founder, to buy the business back had failed.
It is understood that after an unexpectedly protracted sale process, the Royal Bank of Scotland, the group’s main debt provider, through its Coutts unit, has decided to retain control, as M&C Report revealed in December.
Administrators Deloitte, who were brought in following the discovery of “unknown” financial liabil-ities, appointed Colliers Robert Barry to find buyers last October.
Robert Breare, the former executive chairman of Merchant Inns who left after falling out with Ritblat, was also believed to have been a bidder for the business.
Breare and Ritblat teamed up in October 2007 to buy Merchant. They formed Kamside, an investment vehicle, to purchase the five-strong portfolio for about £20m, including £10m of debt, later adding a sixth site.
Ritblat was for many years the driving force behind British Land, while Breare, who founded the Noble House business, also chairs Individual Restaurant Company, the Piccolino operator.
RBS recently concluded a complex deal for Orchid Group to run Premium Bars & Restaurants on its behalf.
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