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Balls Brothers denies banking 'crisis talks'

Published:  25 November, 2010

London wine bar company Balls Brothers has denied reports that it is in "crisis talks" with its bankers.

The Times reported yesterday that restructuring specialists Zolfo Cooper were appointed by Barclays to find outside investors for the firm "several months ago".

The group, which is said to owe around £7 million to Barclays, recently appointed Miroma Leisure's Richard Littman as chief operating officer.

Owner and chairman Richard Balls told Harpers Wine & Spirit that it "wasn't true" that it was in crisis talks. "We are a privately-owned business and how we finance ourselves is not necessarily for public knowledge," he said.

"We are re-organising our finances, as part of the normal process of business."

Balls Brothers operates 19 bars and restaurants in the City of London and West End. The group, founded more than 50 years ago, specialises in wine and Champagne.