Barracuda reveals level of net debt
Latest accounts for Barracuda Group, the pub group led by Mark McQuater, indicate that it is still carrying net debt equivalent to at least eight times annual EBITDA.
Following a restructuring of the business last summer, the group posted figures for the 11 weeks to 26 September 2009, revealing sales of £33.09m, indicating current run-rate annual sales just shy of £160m.
The accounts did not reveal the cost of restructuring the business — a process that saw private equity group Charterhouse reduced to a minority shareholder — although during the 11-week period it incurred £21.3m in administrative costs, a combination of depreciation costs and other unknown expenses. Operating profit was £1.9m although at a pre-tax level the group produced a loss of £0.3m
The private company did not divulge the full cost of last year's restructuring, which saw Barracuda reduce its debts by £87.4m.
