Robert Breare is to receive £4.5m from HBOS in a rescue refinancing of his Noble House Pub Company.
The deal will result in HBOS owning almost half of the company, which is four months late filing its latest accounts.
The last available accounts up to March 2002 show it made a pre-tax loss of £19.2m and had net debts of £102.9m.
Three years ago Breare failed in a bid to buy the regional brewer Wolverhampton and Dudley (W&D).
The Sunday Times 13/06/04 (Business) page 3.2
