Punch warns of renewed profits slide December 16, 2009 PUNCH Taverns has warned that profits will be hit again after reporting a fall in sales at its managed pubs in the past four months. The company, which has a net debt of £3.3bn, said that looming VAT rises and the continuing affect on trade of the recession were taking their toll. It has been [...]
BEST OF THE BROKERS January 28, 2010 PUNCH Merrill Lynch selects Punch as one of its top pub picks for 2010. It notes that peer Enterprise, its other top pick, recently posted a much improved trading update, and expects Punch to follow suit in early March. Reiterates its “buy” rating, adding that valuations across the sector look “attractive”. HSBC UBS reiterates its [...]
BEST OF THE BROKERS January 26, 2010 MARSTON’S Numis predicts the brewing giant will report a year-on-year one per cent increase in like-for-like sales at its annual meeting on Friday and gives the shares a “buy” rating. It forecasts pub margins to be flat with falling utility and food costs and labour cost inflation offset by efficiency gains. PHILIPS S&P Equity has [...]
Avatar climbs to new heights at the box office January 31, 2010 THE 3-D movie phenomenon “Avatar” moved further into rarefied territory at the worldwide box office during the weekend, surpassing the $2bn (£1.25bn) mark days after it broke the record held by “Titanic”. James Cameron’s sci-fi spectacular has grossed $2.039bn after seven chart-topping weekends of release, distributor 20th Century Fox said yesterday. The film last Monday [...]
Hugh Osmond returning to the market January 24, 2010 THE founder of pub chain Punch Taverns is returning to the market to raise up to £500m for an investment vehicle aimed at buying distressed companies and funds. Hugh Osmond, who also floated Pizza Express, is joining other City heavyweights to launch Horizon, which will try to raise the cash via a public offering on [...]
M&B rejects olive branch from Joe Lewis January 25, 2010 MITCHELLS & Butlers (M&B), the pub group that owns All Bar One, yesterday said it was rejecting a last-minute olive branch from currency trader Joe Lewis, its largest shareholder, over the make-up of the firm’s board. The move sets the scene for a dramatic showdown at the group’s annual meeting on Thursday. Current chairman Simon [...]
M&B chair could be ousted at crunch annual meeting January 27, 2010 THE power struggle at Mitchells & Butlers will come to a head later this morning when a bitter annual meeting kicks off. More than 400 investors will gather to decide on new board members in a vote that has been shrouded in controversy. A feud has festered between the board of the pub chain, which [...]
Wetherspoon to create 10,000 jobs by opening 250 new outlets December 1, 2009 PUBS chain JD Wetherspoon is to create 10,000 jobs over the next five years with the opening of 250 new pubs. The business, which currently employs 21,000 people and has 743 pubs across the UK, is investing £250m in the new outlets. Openings are planned in cities such as Sheffield, Newcastle and Liverpool, with the [...]
WESTFIELD CHEERS GERONIMO November 30, 2009 GERONIMO INNS, the London-focused pub chain, yesterday opened the first pub inside Westfield shopping centre. Geronimo has ploughed £800,000 into its new The Bull site, which seats 130 people over two floors and will create 30 jobs. Geronimo currently has 28 pubs in its portfolio.
Retail heavyweight Phil Wrigley to join Majestic as chair January 26, 2010 MAJESTIC wine yesterday unveiled a shake-up of its board, revealing retail heavyweight Phil Wrigley, 57, as chairman-designate, replacing Simon Burke who has been at the helm for five years. Wrigley, who until recently was chairman of fashion retail chain New Look, has also held senior management roles at Debenhams, Topshop owner Arcadia and BHS. Wrigley [...]