The restructuring was effected by separating the operating companies from the property owning companies of the group, and involved the appointment of administrators over seven Barracuda companies. Upon their appointment, the administrators transferred the remaining operating company not in administration, Barracuda Pubs and Bars Limited, together with the other assets of the operating group, to Bramwell Pubs Limited, a newly incorporated company owned by the operating group’s lenders, principally Värde Investment Partners, LP.
Barracuda Pubs and Bars Limited is to be renamed The Bramwell Pubs & Bars Limited. The operating group’s old debt has been fully refinanced and a new management structure has been put in place.
This transaction marks the completion of the financial restructuring of the Barracuda Pub Group.
Martin Hutchings comments, “This restructuring provides Barracuda Pub Group with a strong financial platform for the firm going forward. This transaction represents a further example of Freshfields’ ability to devise best-fit financial solutions that enable clients to restructure their interests, continue trading and plan for the future.”
The Freshfields team advising Barracuda was led by finance partner Martin Hutchings, restructuring counsel Anne Sharp and real estate counsel Margaret Rhodes.
