Festival Inns sells city bars

THE chain behind some of Edinburgh's best known bars is carrying out a huge asset sale to cut its debts.

Festival Group, headed by tycoon Kenny Waugh, plans to raise 41 million from assets after registering a 11.4m pre- tax loss, up from 6m the preceding year.

Properties on the sell-off list are reported to include Biblos wine bar and the Links Hotel.

Accounts for the year to July 31, 2009 showed that the group owed Clydesdale Bank 46.2m, and it launched the programme of sales in a bid to agree a refinancing package. The high-profile chain also owns venues including the Three Sisters in Cowgate and Biddy Mulligans in Grassmarket.