Former Cain's Pubs Not SellingPosted: November 17, 2008
The Morning Advertiser reports that the administrators of the former Cain’s Beer Company are having trouble selling a group of 26 pubs from the company’s estate to Pubco Calco. Given the economic circumstances–the lack of available credit, the continuing fall in property values–it’s probably not surprising that they are finding it hard to sell them all off in one go:
PricewaterhouseCoopers (PwC), the administrator, is thought to have held talks with Calco after the little-known pub company that operates more than 100 pubs in the UK outbid its nearest rivals by more than £4m.
However, it is thought that Calco struggled to raise the necessary finance to fund the deal, forcing PwC to re-market the pubs.
The administrator, which has now set a bid deadline of 21 November, may abandon plans to sell the 26 sites as one package.