Old Monk Company on brink of collapse

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The Old Monk Pub Company is thought to be on the brink of collapse after it sent a distress signal to the stockmarket this morning.The company, which...

The Old Monk Pub Company is thought to be on the brink of collapse after it sent a distress signal to the stockmarket this morning.

The company, which is currently selling defunct Old Monk sites and concentrating on the roll-out of its sports bar brand Springbok, said it was discussing its financial position with its bankers.

Such announcements are normally interpreted as the precursor to further, and far more drastic, "bad news" items.

It is understood the banks are contemplating pulling the plug on Old Monk.

The company said it would issue a further statement as soon as possible.

The announcement, sent out at 7.30am this morning, read:

"The Company is in discussions with its bank concerning its financial position. The directors are considering the options available to the Company at this time.

"A further announcement will be made as soon as practicable."

Only last night the company unveiled its lastest Springbok bar in Houndsditch, near Liverpool Street Station in London.

The company was set up by Gerry Martin, younger brother of JD Wetherspoon chairman Tim Martin.

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