Celtic Inns in talks to buy Porter Black pubs
The senior directors of Welsh pub operator Celtic Inns are negotiating to buy 11 pubs from the receivers of Porter Black Holdings.
Celtic managing director Duncan Murray, along with chairman Mike Salter (pictured) and fellow director Clive Williams, have formed a new company, Mandaco 349, to buy 11 of the 16 pubs formerly owned by Porter Black.
Receiver KPMG said it had given preferred bidder status to the Celtic team, and expected Mandaco 349 to conclude the acquisition of the pubs as a going concern in the near future.
Mr Murray said: "We can't say too much at the moment, but we're working closely with the receivers, and we hope to be in a position to exchange soon."
He confirmed that the plan was to run the pubs as a separate business, but with the same management as Celtic Inns and "broadly the same shareholders".
KPMG receivers Blair Nimmo and Tony Friar said they will "progress enquiries" for the five remaining units to achieve a sale as soon as possible.
Porter Black's backer Bank of Scotland called in the receivers in June. Its collapse meant a deal to buy 17 pubs from Regent Inns fell through, with those pubs reverting to Regent.
Celtic Inns was formed last year and operates just over 50 pubs, mainly tenancies.
Related articles:
Porter Black collapses into receivership (4 June 2003)
