Moorgate Taverns, who are a subsidiary of ‘Pubs ‘n Bars’ operate a total of 10 freehold pubs along the south coast, Oxfordshire and Hertfordshire. The group has been trading at a loss recently, and due to falling valuations of its assets it has breached borrowing agreements with Clydesdale Bank.

A statement read ;
“There are no guarantees from Pubs ‘n’ Bars to Clydesdale in respect of Moorgate’s borrowings and the net effect on cash flow will be an interest saving of approximately £150,000 per annum by Pubs n’ Bars. The book value of the pubs as at 31st December 2008 was £8.03m and the debt is £7.08m.”