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Administrators appointed to Moorgate Taverns
Moorgate Taverns owner Pubs 'n' Bars (PnB) has announced that following discussions with Clydesdale Bank - who hold a charge over the property assets of Moorgate - it has applied for the appointment of administrators to Moorgate with immediate effect.
Moorgate has an estate of ten freehold public houses in Hertfordshire, Oxfordshire and the South coast. Nine of these were tenanted to individual operators and had tied contracts for beer supply and one pub was managed. The move - which leaves the group now operating 94 pubs - follows Moorgate breaching certain of its borrowing covenants with Clydesdale after trading at a loss due to the effects of the general economic downturn.
There are no guarantees from PnB to Clydesdale in respect of Moorgate's borrowings and the net effect on cashflow will be an interest saving of approximately £150,000 (US$248,000, 168,297 euro) per annum by PnB. The book value of the pubs as at 31 December 2008 was £8.03m (US$13.3m, 9m euro) and the debt is £7.08m (US$11.7m, 7.9m euro).
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