City briefs

- Last updated on GMT

Related tags: Alcoholic beverage, Public house

Pub companies have been given a warning on the dangers of rapid expansion with the failure of the Pierre Victoire bistros.Accountancy firm Grant...
  • Pub companies have been given a warning on the dangers of rapid expansion with the failure of the Pierre Victoire​ bistros.

Accountancy firm Grant Thornton​ was last week in talks with two would-be purchasers after the group went into receivership.

Founder Pierre Levicky​ blamed the failure on rolling out the retail brand too quickly.

The 108 outlets also face increasing competition from pubs selling more food.

Joint receiver Jonathan Birch​ said: "It's clear the chain expanded too rapidly over the past year or so from an inadequate capital base."

London brewer Young's​ has rejected calls from a minority shareholder, investment company Guinness Peat Group​, to streamline its share structure to give voting rights to people holding its 40 per cent of non-voting shares.

First Leisure's​ roll-out of its Heroes​ sports pubs and the opening of new nightclubs has helped its club and bars division boost turnover by 32 per cent in the six months to April, pushing group pre-tax profits up 10 per cent to £18.3m.

The prices of alcoholic drinks rose at an annual rate of 3.6 per cent in May, slightly below the overall rate of inflation of 4.2 per cent, according to the Office for National Statistics. It also reported consumer spending for May rose by 1.7 per cent.

Related topics: Other operators

Property of the week

Follow us

Pub Trade Guides

View more