GRS Pubs, the c.200-strong pub group formerly owned by London Town, swung into profit for the 12 months to 26 December 2010, in what it described as a “good, solid year”. The group reported a pre-tax profit of £5.001m for the year against a £16.877m loss the previous year, helped by a significant cut in administrative expenses from £17.8m in 2009 to £4.79m. Operating profit stood at £6.66m against a loss of £15.2m in 2009, while turnover fell from £5.503m to £3.565m last year. In accounts filed at Companies House, the group said that it continued to work with its bank (Anglo Irish) to seek a suitable restructure of its loan facilities to enable it to continue to meet its debt obligations. Ted Kennedy, the veteran pub entrepreneur, was drafted in to run the 200 or so freehold tenanted pubs that were formerly owned by London Town in April last year Kennedy, who owns Pebble Hotels and sold Mill House Inns to Punch Taverns, is running GRS Pubs on behalf of bank Anglo Irish. He told M&C Report that the group had had a “good, solid year” and that operating side of the estate was “progressing well”. Kennedy is also overseeing the 253 Pubfolio and Goldtry freehold tenanted pubs that went into administration last October. He said that this portfolio was showing signs of stability after a difficult 2010. Kennedy is also running the 28 tenanted pubs formerly owned by Inndeed Group.