Ultimate Leisure suspends trading in shares

TRADING in shares in the business behind many of the North East’s best known pubs and clubs has been suspended.

As Ultimate Leisure, Premium Bars & Restaurants (PBR) operated many of the big bars and clubs on the Bigg Market and the Quayside and had its head office on Mosley Street in Newcastle.

The business has been transformed in recent times, changing its name and moving to Manchester, but it still owns big name premises such as BluBambu nightclub, The Living Room restaurant on Grey Street and The Lodge on Mosley Street, employing hundreds of staff.

Yesterday, the company announced it had asked for trading in its shares to be suspended as it was continuing talks on getting a new financial structure in place and would be unable to obey City rules which state it must issue accounts to shareholders within six months of its June 30 year end.

The group, which announced on December 17 that it is seeking to refinance debts, said banks and key stakeholders continue to remain “very supportive“ of the business.

Shares stood at 169.4p last January but were suspended today at 1.75p.

Source:

The last remaing Nightclub in Whitley Bay ‘Deep’ is owned by this Company so let’s hope they sort out their finances. Funny, North Tyneside Mayor John Harrison was just saying that The Whitley Bay economy was one of the strongest seaside economies in the U.K.  You Know, Talking something up don’t neccesarily make it so! Any Taxi driver that has worked this particular seaside town will tell you different.Slowly but surely the nighttime economy is shrinking to to South Parade and they wonder why you can’t move on South Parade for Taxis,because you have either closed or knocked down everything else, but still you issue Taxi Licences. This year will be a telling time,big high street names and large leisure companies are falling like dominos,what hope for the lowly Taxi driver. We may have got through this without suffering financially if Council licensing committees had the foresight to limit issues of cab licences to a trickle rather than the mass issue of recent years,when at one point 40 licences were issued overnight. To the average reader this number might seem quite low but when the previous limit was 160 Licences,an issue of 40 is quite disturbing. So now over 200 Hacks and 800 Private Hire are supposed to eke out a living when the economy that they rely on for their living is going into meltdown. I will eat my words if I’m wrong  but for the coast at least things are looking bleak. Maybe ‘Deep’ will close I don’t know but at the other end of the seafront in Tynemouth ‘Sammy Jacks is rumoured to be closing on the 8th Jan. The owner of Sammy Jacks also owns the Percy Arms,will this close too?

Before the Blt’s & proud brigade come here and say ‘Oh, well we still make 3 Grand a week’  I don’t doubt you are still able to make a crust  but you are only so far behind the Hacks and I can tell you this,there will be a lot of Hacks opting to pay rent this year especially since the PH have been telling them all how much they’re making,well! get prepared to share it lads!

Tagged as: hire and reward insurance, Taxi Insurance, taxis