during the recession, is being sold by the Pedro family after more than 20 years in charge.

Owners Mr. Roger Pedro and his brother-in-law, Mr. Ray De Silva, are selling the business to a company called Porch Ltd., effective August 1, 1993. The sale price has not been disclosed.

Half of Porch is owned by Mr. David Speakman and his wife, Elizabeth, and the rest is owned by Reid Finance Ltd., the nominee company of law firm Appleby, Spurling & Kempe.

Mr. DeSilva said he only bought into the Front Street business 18 months ago to help stem its losses.

"I took over to help Mr. Pedro to try to reduce the hole knowing that it could not be plugged,'' he said. "Business has been terrible for Rum Runners over the last few years due to the decline in tourism. The industry as a whole has done badly.

"There are too many restaurants in Bermuda for anyone to do well, unless you're running a small operation on one of the side streets.

"Roger has been in this industry for in excess of 20 years and is tired of it. He's had his fill.'' Mr. DeSilva said the sale of the business was "a weight off everyone's shoulders''.

Money from the sale would be used to pay off its creditors, he said. "We're certainly hoping to pay off our creditors in full,'' he added. "I must say our creditors have been great.

"None of them have pushed us or taken a writ out a writ against us. They have been very understanding because they understand the nature of the business.'' Negotiations to sell Rum Runners have been held with "many people from many different groups'' over the last ten months, he said. Porch Ltd. entered the fray only about three months ago.

Mr. De Silva said business has picked up recently but he added: "It's too little, too late.'' He co-owned the business with Mr. Pedro through a company called Rum Runners Ltd.

the company, which is now left with a few private concessions and some catering interests, will carry in business, said Mr. De Silva.

Mr. Pedro and the Speakmans could not be reached for comment, one was off the Island and the other was unavailable for comment yesterday.

Rum Runners' hours of opening will not be affected by the change of ownership.