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Richard Ley 25/06/2008 10:46:57  |
RE: Punch confident of Reit conversion > RE: Punch confident of Reit conversion
Seen on www.ft.com Punch Taverns lost 5.8 per cent to 318¼p unsettled by a very bearish note from broker Redburn. Reiterating his “sell” rating, analyst Charles Winston said if there were a recession in the UK, it was almost inevitable that Punch would “trip” the restricted payment clauses on its three securitisation structures. If this happened, said Mr Winston, it would deny the group holding company, and therefore shareholders, from accessing Punch’s cashflow. After the market closed, Punch, which has £4.9bn of net debt against a market value of just £850m, rushed out a statement saying it was confident of meeting market forecasts and its balance sheet remained strong. Oh dear. |
| Richard Ley 24/06/2008 14:11:49 |
RE: Pubco Share Prices. > RE: Pubco Share Prices.
Might be worse than I thought............ |
| Richard Ley 20/06/2008 14:26:47 |
RE: Realistic Rent Levels > RE: Realistic Rent Levels
This thread seems to have lost its way a little. The OP wanted to know if it was a realistic rent level, which it may or may not be, we don't have all the facts and therefore can't make an objective comment. However, I have to agree with virtually everyone here on at least one of their points. A new leaseholder MUST get proper advice befor signing on the dotted. The Pubcos ARE disingenious when it comes to marketing their property for rent - make no mistake, they are property companies. Some information I saw last year was more Alice in Wonderland than an accurate business forcast (now proven). The tie DOES make it very difficult to make decent margins, unless you tear the ar5e out of the fizzy pop market (£1.75 for half coke 2 weeks ago). BDMs (or similar) can be hit and miss. CWO sucks. The £50+ premium on an 11gal barrel is little more than daylight robbery. Gullible new licensees are two a penny - and that's all they're left with on a good day. 17% of a Pubco estate available for rent is not a good sign. To make a 60% GP on Guiness on Pubco prices ? Sell at £ 4.20/pint. Won't work in these parts ! |
| Richard Ley 20/06/2008 12:44:21 |
Pubco Share Prices. > RE: Pubco Share Prices.
PUB:LSE - down to about 320 ETI:LSE - down to about 350 Links are current values, the figures above are my thoughts ! |
| Richard Ley 09/06/2008 11:30:40 |
RE: Pub visits drop after smoke ban > RE: Pub visits drop after smoke ban
Ahhhhhh. State the bleedin' obvious...... |
| Richard Ley 16/05/2008 09:02:31 |
RE: Pubs drop Sky due to excessive cost > RE: Pubs drop Sky due to excessive cost
Putting aside any pedantry, troll feeding and the irksome nature of English law, this is not a matter needing the IQ of Stephen Hawking. Our local looked at getting Sky. It's not a big pub, the bar area jam packed would probably hold 50 people, T/O roughly £420k, but the cost of Sky would be over £900/month. By the time you add in the increases in PPL/PRS/MCPS licences, capital costs, increased electric usage etc. this would equate to 3% of T/O. And Sky wonder why they're getting dumped ? |
| Richard Ley 02/05/2008 08:01:36 |
RE: Lancaster licensee fined for smoke ban breach > RE: Lancaster licensee fined for smoke ban breach
'Pressure exerted upon a person to coerce that person to perform an act that he or she ordinarily would not perform.' This could be 'Take a guilty or it'll cost you' or 'Go NG and we'll slip round with the EHO and HMCE for a bit of a rummage' If her brief said take the guilty option then she should sue, if he failed to defend her by stating she was NOT on site at the time, she should sue UNLESS There had been lots of onsite smoking for some time and this was the only time anyone got caught. |
| Richard Ley 01/05/2008 20:14:06 |
RE: New campaign against pubco power > RE: New campaign against pubco power
Previous comments have stated that the individual bargaining power would be reduced. I buy an 11g of Fosters/Carling for roughly £85. The pubco price is closer to £115. I do occasional outside bars, if I was buying 5 a week, plus other products I could get that down to £80. If the pubcos aren't buying and the individual pubs are, they'll bend over backwards for the trade. It's their business to sell the product, you just haggle in a proper old style. |
| Richard Ley 01/05/2008 08:31:50 |
RE: Spirit launches Grill House format > RE: Spirit launches Grill House format
And of course they won't have to pay the inflated tied beer prices and unrealistic pubco rents ! |
| Richard Ley 01/05/2008 08:29:15 |
RE: Lancaster licensee fined for smoke ban breach > RE: Lancaster licensee fined for smoke ban breach
The size of the 'costs' awarded in previous cases would be enough to cause duress to the average struggling publican. A good brief would have got her off, not there can't be guilty! This is similar to 'speeding tickets'. Name the driver (confess) or we charge you with failing to name them which carries a higher penalty. The smoking ban NEVER had anything to do with health, and everything to do with control. Just wait, Mr Darling may try to justify the duty hikes because CO2 is used and if people drink less it'll save the polar bears................... |