Young’s stops brewing beer August 9, 2011 YOUNG & Co is to quit brewing beer after 180 years. It said yesterday it would sell it 40 per cent stake in the Wells & Young’s Brewing Company to Charles Wells. The deal is worth £15m, to be paid in two instalments in February 2013 and February 2014. Young’s said it would now concentrate [...]
Young’s stops brewing beer August 9, 2011 YOUNG & Co is to quit brewing beer after 180 years. It said yesterday it would sell it 40 per cent stake in the Wells & Young’s Brewing Company to Charles Wells. The deal is worth £15m, to be paid in two instalments in February 2013 and February 2014. Young’s said it would now concentrate [...]
Marston’s sees a lift from food July 27, 2011 PUBS group Marston’s said profits in the first 42 weeks of its fiscal year were in line with expectations and its performance had been robust, despite the difficult trading environment, as it benefited from a strong demand for pub meals. The company, which runs over 2,150 pubs across Britain, said sales at pubs open more [...]
More time for takeover talks October 17, 2011 THE Takeover Panel made the first extensions to its new “put up or shut up” deadline imposed on buyers of UK companies yesterday, granting several potential bidders more time to put their proposals together. Entertainment rights company Coolabi, the home of children’s TV favourite cat Bagpuss, is one of four firms that have been granted [...]
More time for takeover talks October 17, 2011 THE Takeover Panel made the first extensions to its new “put up or shut up” deadline imposed on buyers of UK companies yesterday, granting several potential bidders more time to put their proposals together. Entertainment rights company Coolabi, the home of children’s TV favourite cat Bagpuss, is one of four firms that have been granted [...]
Spirit starts trading after Punch split August 1, 2011 DEBT laden pub company Punch Taverns completed its demerger yesterday as its Spirit business started trading on the market. Shares in the slimmed-down Punch plummeted 80 per cent to 13p, as Spirit Pub Company ended the day broadly flat at 52p. Spirit consists of the better performing managed pub business while the leasehold section continues [...]
Piedmont hits out at M&B’s sluggish sales September 27, 2011 JOE Lewis yesterday signalled he will press ahead with a low-ball takeover offer for pub chain Mitchells & Butlers, after his investment vehicle Piedmont branded the group’s results “disappointing”. “It is a very disappointing score card for all shareholders and we are seriously considering our options,” said a spokesperson for Piedmont owner Joe Lewis on [...]
Ophir storms into FTSE 250 September 7, 2011 Ophir Energy, a Lakshmi Mittal-backed oil exploration group, has stormed into the FTSE 250 following the reshuffle of the index, two months after its successful IPO. It is joined by fellow new entrants to the FTSE index Cape, the industrial services group, and engineering firm Kentz. Four firms were promoted from the FTSE small cap [...]
ANALYST VIEWS: IS SPIRIT A GOOD BUY AFTER THE PUNCH DEMERGER? August 1, 2011 JAMIE ROLLO | MORGAN STANLEY We initiate on the newly demerged Spirit Pub Company at “underweight” as we see structural reasons for its low margins. Free cash flow generation is very weak relative to EPS (we do not think it should pay a dividend). Its exposure to leased pubs makes it less attractive to other [...]
MADE IN CHELSEA LINK IRKS TOPSHOP TYCOON September 15, 2011 A NIGHT in is inked in the diary for Sir Philip Green next Monday, when the first episode of the new season of Made In Chelsea airs, starring his 20-year-old daughter Chloe. “I will be watching it on Monday night, of course,” he told The Capitalist. The conversation took a turn for the worse, however, [...]