The weekend City round-up
Punch makes Bagnall redundantBrian Bagnall, the only surviving member from the former Allied Domecq management at Punch Retail, has been made redundant. Mr Bagnall was operations director of the Venues arm of Punch, which has now been incorporated into the core business. A statement said: "This decision has been taken after careful consultation with Brian, and as a result means he will, sadly, be leaving the company." Mr Bagnall will leave in February.
Hands strikes deal with NomuraGuy Hands, founder of Nomura's Principal Finance Group, has reached an agreement with the Japanese bank about setting up his own multi-billion fund and operating independently, with his finance team. The deal, which follows nine months of negotiations, will see Nomura contribute 10 per cent of the total fund. Since Hands established the bank's private equity arm in 1995, he has bankrolled £10bn in done deals, become the biggest pub landlord in the UK, and almost bought the Millennium Dome.
Regent and Walder part companyRegent Inns marketing director Andy Walder has quit because of "strategic differences". It is believed that Mr Walder felt the company was not expanding fast enough. Regent, the 100-strong managed house business which owns the Walkabout Bar and Jongleur brands, recently walked away from the bidding for Pitcher & Piano having tabled a £62m cash offer. A company statement said: "The departure was due to strategic differences and Andy has now left to pursue other interests."
SAB score heavily in the charity stakesSouth African Breweries has emerged as the 8th most socially responsible company in the FTSE100. Companies were measured according to the percentage of pre-tax profits donated to charity, in a report published by Guardian Newspapers. SAB were listed 8th, having donated £6.35m or 1.4 per cent of its profits. Allied Domecq was 13th and Diageo came in at 23.
Marriott looks EastMarriott International has announced plans to open a new hotel in Kuwait, despite concerns over stability in the Middle East. The 34-storey, 310-room property will operate under the chain's mid-price courtyard brand. Jamie's Bars sees share-price sinkJamie's Bars has seen its share price dive 15 per cent after failing to pull in the punters in London. The group has suffered a series of setbacks connected with its new bars in the Capital. One in Ludgate Hill was surrounded by scaffolding for its first six months. The economic downturn has also hit the group as drinkers in the City and Soho, the media and advertising heartland, decide to save cash.
New MD for CaledonianThe Caledonian Brewing Company has appointed of Stephen Crawley as managing director. He succeeds Alastair Mowat, 62, who steps down after four years. Russell Sharp, the company's founder, has been appointed to the new role of president.
