Po Na Na suspends shares

The outlook was bleak for Po Na Na this morning as the cash-strapped bar operator asked for its shares to be suspended.

The lastest move would indicate its backers are not willing to lend the group any more cash.

The company entered crisis talks with its banks on Friday.

"These things can move pretty swiftly," said one person close to the situation. "It looks like the bank is not going to support them any further."

If Po Na Na calls in adminstrators it will be the latest to implode following the collapse of Old Monk and Brannigans operator Mustard Entertainment.

SFI Group, which owns the Bar Med, Litten Tree and Slug & Lettuce brands, is still undertaking a strategical review after facing a similar cash crisis.

The Po Na Na shares were suspended from Aim (Alternative Investment Market) at 3.75p.

The company had struggled to sell underperforming sites. These non-core sites led the company to issue a profits warning earlier this year.

Pictured: chairman and co-founder Christian Arden​

Related articles:​

Po Na Na in talks with banks (25 April 2003)

SFI abandons the stock market (15 April 2003)

Mustard bar group is Branni-gone (20 November 2002)

Old Monk Company on brink of collapse (19 September 2002)