Look at it!

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

a smoothhound, a smoothie, a smooth wine, a smooth talker? A smooth what? :-)

handover! :-))

Taken +5 from these this morning - but still think the long term trend is down.

It is now! :-)

12.8% off today! Looks ferked

I told you I was ill :-)

quite so :)

Year End Trading Statement.

Recent trading momentum is consistent with that outlined in the 6 July 2010 Interim Management Statement, continuing to benefit from improved operating standards, increased pub refurbishment activity and favourable summer weather. As such, we now expect earnings before tax and exceptional items for the full year to be marginally ahead of our previous expectations.

Thanks for that skinny .

Since the start of the financial year we have reduced gross debt by 684 million, being 17%. Net debt at the year end stood at 3.1 billion.!!!!

Final Results.

Financial Performance *

EBITDA* of 422 million (2009: 514 million)

Profit before tax of 131 million (2009: 160 million)

Disposal proceeds of 299 million comprised largely of non-core assets - achieved at an average multiple of 16x EBITDA

Basic earnings per share of 14.4p



Statutory Results (after exceptional items) **

Loss after exceptional items of 160 million following a net exceptional charge of 253 million. All of the exceptional charges were non-cash except for 2 million of reorganisation charges

Exceptional items include a 218 million charge for pub impairments to appropriately value the non-core estate

Basic loss per share after exceptional items of 24.9p

Net Asset Value per share of 229p

Time to short PUB again to 60p.

What a carry on.

Punch to cull 1,300 pubs as profits slip

Pub owner Punch Taverns has served up full-year results in line with expectations and announced plans to sell another 1,300 pubs to help pay off its huge debts.

In his first set of numbers as chief executive, Ian Dyson reported a drop in pre-tax profit to 131m for the 52 weeks ended 21 August compared with 160m in 2009.

One-off charges of 253m caused a loss after exceptional items of 160m, while revenue slipped to 1.28bn from 1.44m last time. Today's numbers had been well-flagged in a trading update in August.

Like for like sales at the managed estate were down 2% on last year, but things picked up in the second half, especially in the final quarter. Like sales for the last 12 weeks rose 2.6%.