Shares in Premium Bars and Restaurants (PBR) were suspended yesterday after a delay in securing fresh financing meant it could not file its accounts on time, deepening the gloom in the beleaguered pub sector.

PBR, which owns six bars and nightclubs in Belfast, said it was “close to finalising the terms of its short term funding requirements”, but until revised banking covenants are agreed it is not able to issue audited accounts for the 12 months to June 30.

Its statement came as it emerged that Globe Pub Company, the tenanted pub operator owned by property tycoon Robert Tchenguiz, is poised to call in financial advisers to review “operational issues” within the group after a dire trading update left it close to breaching its banking covenants.

In a financial report, Globe Pub Issuer — the vehicle that owns 424 of the company's 450-plus pubs — said earnings before interest, tax, depreciation and amortisation fell by 20.2% to £5.3m, on beer sales down by 8% for the quarter ended November 29.

Shares in PBR, which have plummeted by 99% over the past year, were suspended at 1.75p on Monday — compared to a 12-month high in January of 167.5p —giving it a market capitalisation of just £700,000.

The Manchester based pub group, previously known as Ultimate Leisure, owns Belfast’s Bambu Beach Club in the Odyssey, The Potthouse, Irene & Nans, The Advocate, La Lea and Bar Bacca. It also runs the Prohibition and Living Room bars.

Many pub operators have endured a torrid time over the past 12 months, as falling sales of beer, driven by the credit crunch and smoking ban, as well as rises in alcohol excise duty, hit their bottom line.

The billionaire Reuben brothers have a 32.5% shareholding in PBR.

The brothers have been linked to a potential purchase of the 20% stake held by Dawnay Day, the beleaguered financial services and property firm, but it is unclear if talks took place.