Look at it!

This has been a lovely short this morning - currently down 7.4%

nice one skinny, saw your post about this yesterday and completely forgot about it :-( would have been short too!!

Cheers Splat! - There are some sensible musings on this over the road.

took a contrarian long @ 111.7 (having said that!) after that acceleration in the drop, and out for a swift +1.5 :-)

Out of 75% of short now - stop @103 on the remainder!

Punch Taverns upgraded to trading buy from hold at Charles Stanley, TP raised to 160p from 115p
Business Financial Newswire
Charles Stanley believes the severity of Punch's situation seems to be receding. The group's reported PBT of 160m, though down 39%, was in line with its expectations, says analyst James Dawson.

'Estate stabilisation appears to be taking hold and the aggressive disposal programme has certainly enabled debt repayment at an equally aggressive rate.

'In our opinion, this may mark a genuine turning point for group operations.'

now under 96p still falling?

Oh yes!

that's what you call an upgrade :-)

What a load of tonka toys :-)

Oh joy :-))

Punch Taverns started with overweight rating at HSBC

News of Threshers closure is good news for Punch Taverns and Enterprise Inns...


Threshers group to axe 2,140 jobs

Published Date: 27 November 2009
Administrators of Threshers' owner First Quench today announced the loss of more than 2,140 jobs following another raft of store closures.

First Quench which also trades as Wine Rack, The Local, Haddows, Bottoms Up and Victoria Wine fell into administration in October after struggling amid the recession.

KPMG said 391 stores would close with the loss of 2,140 jobs, although it remained hopeful that some of the outlets would be sold as going concerns before the closure process was completed.

The stores are due to close by December 20, depending on stock levels.

The administrator announced 373 store closures at the start of November, followed by plans for another 381 last week. Liquidation sales are continuing within those stores earmarked for closure, while 247 sites have already shut.

KPMG remains in talks over the sale of more than 100 stores but said current conditions made it difficult to complete deals.

Richard Fleming, UK head of restructuring, said: "Unfortunately, despite the initial high level of interest, it remains difficult for buyers to complete deals in the current tough market."

Some deals have been concluded and Venus Wine and Spirit Merchants said earlier today that it had acquired 14 of the best-performing Wine Rack stores, adding that they would continue trading under the same name.

The firm is looking to keep on 90 staff working at the shops, which are across London and the South East, including Henley-on-Thames in Oxfordshire, Farnham in Surrey, and Ascot, Berkshire.

Another eight stores have been sold to SEP Properties, the administrator said.

Umm, I may be thick, but how does the closure of an off-license chain help pub chains? Does anybody go to a pub for off-sales this century? They are now quite different businesses, surely?

Campaign for Real Ale challenges competition ruling


The Campaign for Real Ale (CAMRA) has stepped up its protest against Britain's biggest pub companies, and will mount a legal challenge to a recent competition ruling in favour of the operators.

CAMRA is appealing against the OFT's judgment that the so-called beer tie does not pose any threat to consumer choice CAMRA is appealing against the Office of Fair Trading (OFT)'s judgment in October that the so-called beer tie, under which tenants are obliged to buy beer from their landlords, does not pose any threat to consumer choice.

The OFT started the investigation after a "super-complaint" from CAMRA.
Campaign for Real Ale wants Office of Fair Trading to investigate 'anti-competitive practices'"We believe the OFT did not take reasonable steps to understand the pub sector and, more generally, why over 50 pubs are closing per week across the UK," Mike Benner, CAMRA chief executive, said.

The OFT said: "We anticipate defending this appeal and are confident that our analysis and conclusions in relation to CAMRA's super-complaint are robust."

CAMRA cited the success of an appeal by the Association of Convenience Stores in overturning a 2005 ruling by the OFT that it would not make a further investigation of the supermarket sector.

The body is seeking donations from the public to pay for its appeal campaign.

Enterprise Inns, Britain's second-biggest pub company, said the majority of its pubs continued to trade well. Punch, the biggest operator, declined to comment.

Punch Taverns raised to buy from sell at Panmure Gordon, target price lifted to 100p from 71p
Business Financial Newswire
Panmure Gordon upgrades Punch Taverns ahead of the company's interim results on April 22.

The broker says, 'We think the group will be able to demonstrate stabilisation in the leased pub business.

'We still have concerns over the performance of the managed pub business; however, we think the appointment of a new CEO with managed pubs experience would be a positive catalyst for the shares.

'There are still significant risks attached to investing in Punch Taverns but we believe the risk/reward profile is now attractive enough to revise our recommendation.'

Revenues and profits down significantly...sp getting hammered.

Shorting PUB at 91p.

Debt 3.3 billion.
Equity 620million.
2million a month to support landlors.
New Govt looking to raise cash.
Fair bet booze and fags get hammered (again).

UPDATE: Punch Taverns Names M&S's Dyson CEO
(Adds comment from Punch Taverns, background.)


By Michael Carolan and Simon Zekaria
Of DOW JONES NEWSWIRES

LONDON (Dow Jones)

U.K. pub group Punch Taverns PLC (PUB.LN) Wednesday named Marks & Spencer Group PLC's (MKS.LN) finance director Ian Dyson as chief executive.

Dyson, aged 47, will leave the retailer on a date yet to be agreed, to replace Giles Thorley, who announced his intention to leave Punch Taverns earlier this year.

No details on his leaving date were revealed, though M&S said he was committed to ensuring a smooth