M&B acquires eight Old Orleans sites from Intertain
The eight sites based in Manchester, Birmingham Star City, Coventry, Epping, Thurrock, Enfield, Cardiff and Reading are likely to be converted to either of M&B’s Harvester or Miller & Carter brands.
Intertain emerged from the pre-pack administration of Regent Inns in October 2009, which had acquired 32 Old Orleans sites from Spirit Group for £26m in 2006.
The majority of the sites were left in administration in 2009, with 12 reverting to leaseholder Punch Taverns at the time.
Intertain has now sold all of its Old Orleans sites after raising £1.15m from the sale of one of its Birmingham sites in April.
In its most recent accounts, Intertain reported a loss of £28.72m in its first 67 weeks of trading. It said it had reduced its debts from £65m to £35m after agreeing a £29.9m debt-for-equity swap with its banking group.
