Analyst Views: What did you make of Greene King’s trading update yesterday? January 13, 2014 DOUGLAS JACK | NUMIS SECURITIES Trading has strengthened slightly over the latest six weeks (to 5 January), with managed pub like-for-like sales increasing to 3.8 per cent from 3.5 per cent, aided by an improved trading backdrop. Total sales are up 8.2 per cent. We believe the risk to forecasts remains firmly on the upside. [...]
10 things you never knew about Elephant & Castle March 28, 2014 1 Elephant & Castle gets its name from a long-since-gone pub popular with ivory merchants in the 18th century. The area began life as two villages, Walworth and Newington, which were set among market gardens and fields. 2 Elephant & Castle used to be referred to as the “Piccadilly Circus” of South London because of [...]
Punch Taverns risks defaulting if debt plan fails January 15, 2014 STRUGGLING pub chain Punch Taverns yesterday unveiled a plan to restructure its £2.3bn debt pile with lenders, with executives warning the plan was the only alternative to defaulting. The Association of British Insurers (ABI) hit out at the company’s actions, claiming that they had not seen the restructuring plans and only had limited interaction with [...]
The apps bringing you perfect craft beer April 8, 2014 A bevy of apps are entering the market, and they’re designed to help ale aficionados seek out their ideal suds. Craft beer is rapidly growing in popularity. In 2012, 415m pints of independently-brewed beer were consumed in the UK – up from 22.3m. That figure comes from the Society of Independent Brewers who, after 21 [...]
Letters to the Editor – 21/01 – EU reform, Heathrow debate, Best of Twitter January 20, 2014 EU reform [Re: EU reform is possible – and it can safeguard the position of the City of London, yesterday] Mark Boleat is too quick to praise a “reformist agenda” without considering the alternatives. We should not dismiss leaving the EU based on the results of a CBI survey of just 406 businesses across the [...]
Best of the Brokers for 06 February 2014 February 5, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com JD WETHERSPOON Barclays has upgraded the pub chain to “overweight” with a target of 880p. The broker thinks Wetherspoons is being overlooked due to a price to earnings ratio that is below the long-term average for the firm, but thinks the shares could [...]
Why don’t Britons identify with Canadians? April 7, 2014 There's some pretty predictable stuff in Ipsos Mori’s new poll on how Britons are becoming less nationalistic, but feel a greater sense of connection on a local and global level. Social media, easy travel and sharing networks (to name but a few) mean that, on the one hand, people feel closer to those immediately around them, but [...]
Punch Taverns warns of default if debt restructuring is blocked February 5, 2014 PUNCH Taverns reminded bondholders yesterday of its imminent restructuring vote that the company warned rejection of would “have a material negative impact on the business”. The struggling pub operator announced plans to restructure its £2.3bn debt pile with lenders last month. “The next few days will be some of the most important in the Company’s [...]
Focus on… Stratford: Stratford’s racing to the finish line April 24, 2014 EVERYONE knows that the Olympic Games were held in Stratford, east London, nearly two years ago, but few people know it for much else. It’s true that, since the opening of Westfield Stratford City, millions of people go there to shop – but how many are looking to live there? Despite the pre-Olympics hype, house [...]
Why Devon is the capital of grape Britain May 29, 2014 The English wine industry is thriving. Kasmira Jefford marks Wine Week with a trip to see where it’s made WHEN driving south from Exeter towards the coastal town of Teignmouth, the road makes a steep ascent over the Haldon Hills where, according to local legend, the first vineyards in Britain were planted by the Romans. [...]