Honeycombe Leisure, the troubled operator of managed pubs, has this morning announced approaches from two different parties.
The company reported in September it had received an approach from Sandy Anderson, its chairman, regarding a possible offer for the company. These talks are on going.
However, the group has since received an approach from another party, which it said includes the consideration of a range of possible transactions.
Anderson’s approach is at a “material discount to the current share price”, according to the company, which currently stands at 6.75p, capitalising its shares at just £2.12m
Honeycombe emphasised that there was be no certainty that talks would result in a transaction or an offer being made for the company”.
The company invited takeover offers for the group in July following a strategic review, appointing Rothschild, the investment bank, to handle the auction process.
The group’s estate comprises 115 bars, pubs and hotels, and is currently worth £36.5m.
In an AGM statement the company reiterated that the trading environment remains challenging.
James Baer, chief executive, said: “The combination of competition, cost and legislative pressures and an under-invested estate do not make for positive performance. Cost and margins are being tightly controlled; head office costs have been further reduced in all area, particularly in terms of head count, and the position is stable.”
Last month, the company unveiled like-for-like sales down 3% and overall full-year pre-tax losses of £1.7m.
