Things darken as Blacks Leisure looks for buyer

published 7 December 2011

Struggling Blacks Leisure has announced that having failed to drum up sufficient financial support from shareholders and potential new investors, the firm is now inviting offers to support further investment in the group, which is most likely to involve a sale of the company or sale of one or more of the group's brands.

The company proposes to conduct the sale process, which it hopes to conclude during January, through its adviser KPMG.

"As at 5 December, the group's net bank debt was approximately £36m. Given the current level of debt within the group, there can be no assurance that any sale would attribute value to the ordinary shares of the group," the firm said.