Barracuda reviews its funding structure

Managed pub company Barracuda has appointed accountancy firm Deloitte to review of its funding structure but has strongly refuted suggestions it is set to call in the administrators.

The group, which has 220 outlets across the UK, has asked Deloitte to develop options for funding the business and its growth strategy, and to "reorganise its ageing debt structure" over the next two to five years.

But, responding to suggestions it was running out of capital, Barracuda said: "The company has passed all of its banking covenant tests to date and does not require any cash investment to continue trading. The company and its backers strongly deny any suggestion of administration."

Barracuda, which operates under Smith & Jones, Varsity, Barracuda Bar, Juniper and Cape brands, is backed by private equity investor Charterhouse and a banking syndicate that includes The Royal Bank of Scotland.

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By Daniel Thomas

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