Reuben bros launch bid for bars

The billionaire Reuben brothers have launched a bid for troubled bar operator Premium Bars & Restaurants (PBR), which owns the Living Room and Prohibition chains. David and Simon Reuben have tabled an offer of up to £40m for the group, to include senior debt, and one of £30m with no debt. It is believed the offer would mean the AIM-listed business would agree to a pre-pack administration to shed some of its leases. PBR has just weeks to find new owners following an agreement with its lenders.