The administration of Pubs ‘n’ Bars by Grant Thornton has been extended by a further 18 months to December 2012. Grant Thornton has been the administrator of the company since December 2009 - it has so far surrendered 31 of the company’s 87 pubs to their respective landlords. It is trading the rest through Asset Manager Solutions. Allied Irish Bank has an outstanding debt of around £25m and has so far received £1,998,106 following the sale of six pubs. The surrendered leases had either trading losses, minimal expected realisations or licensing issues. Grant Thornton said: “Whilst a number of sites have been disposed of, this has been very much on an ad hoc basis and the business and assets are not currently being marketed - this strategy has been agreed with the secured creditor.” There will no money for distribution to unsecured creditors, Grant Thornton’s David Thurgood has indicated. The cost of the Grant Thornton administration has increased to £912,603, representing 3,670 hours of work at an average charge out rate of £249 per hour. The most recent trading at the combined remnants of the Pubs ‘n’ Bars estate show cumulative sales of around £20.5m.