Premium Bars and Restaurants falls into administration

  Listed leisure group Premium Bars and Restaurants, which includes The Living Room, Bel & The Dragon, Prohibition and the Ultimate Leisure chain of bars and restaurants, has gone into administration.   BDO Stoy Hayward has been appointed administrator to the group, which has a head office in Hale, Cheshire, and 48 bars and restaurants throughout the UK and Ireland.    BDO has closed Advocate in Belfast, Sea in Glasgow and Rewind in Newcastle-Upon-Tyne. It will seek to trade the remaining bars and restaurants while it tries to secure a sale of the business.    Dermot Power, business restructuring partner at BDO Stoy Hayward, said: “All of the names in the Premium Bars and Restaurants portfolio are well known on high streets throughout the UK and Ireland.    “The outlets continue to attract loyalty from their wide customer base.   “The sudden and sharp economic downturn, and subsequent recession, has impacted on the usually high disposable income of the group’s target market.   “These customers have begun to select the weekend for their discretionary spend.  This shift has impacted significantly on a business with high, fixed overheads.   “We are currently in discussions with several interested parties and are confident of securing a sale of the business.”   annabel.dixon@rbi.co.uk