Oxford Hotels appointed to run Pubs 'n' Bars
Pubs ‘n’ Bars, the collapsed managed and tenanted pub operator, is being run by a temporary management firm set up by Oxford Hotels & Inns (OHI), M&C Report understands.
Oxford Inns: running Pubs 'n' Bars
It is thought that OHI has initially been asked to run the Pubs ‘n’ Bars business for three to six months but could be mandated to run it in the longer term.
The group was placed in administration — a process being handled by Grant Thornton – by its lead bank Allied Irish.
At the time of its collapse in December 2009 it comprised 87 sites, 14 of which have been returned to landlords — predominantly Enterprise Inns and Punch Taverns.
A move to appoint OHI to run the Pubs ‘n’ Bars business longer term would reflect an increasing trend by banks behind distressed assets to take longer-term ownership positions at groups, with the help of third-party management teams.
OHI, which was formed in 2006 from part of London & Edinburgh, has called its temporary management arm AM Solutions. It is understood that the buying power of OHI has already had a significant impact on the cost base of Pubs ‘n’ Bars.
David Thurgood, one of the administrators at Grant Thornton, told M&C: “We, together with the banks, have appointed AM — it’s a medium-term solution and we will be reviewing this later in the year. We will then consider whether to extend the arrangement or to put some or all of the portfolio on the market.”
The OHI management team comprises: Kamran Aziz, group managing director; John Drury, finance director; Guy Lissimore, managing director (pubs); Mark Edwards, managing director (Hotels).
It runs about 60 managed pubs and hotels, including the Carnoustie hotel and championship golf course, plus about 150 tenanted pubs.
The group is backed by the Khalastchi family, former investors in London & Edinburgh.
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