What the Sunday papers said - 18 November
The Mail on Sunday
Fresh merger talks between Pubmaster and Laurel Pub Company were abandoned after just two days. Pubmaster wants to buy Laurel's 1,871 leased pubs, valued at £800m. Laurel's ultimate parent owner, Deutsche Bank, re-started negiotations with Pubmaster last Monday. But on Wednesday the talks were off as Nomura's 1,250-strong pub group Inn Partnership was put up for sale. (Read more on thePublican.com) It is not clear what Laurel is doing. "Is it a seller or is it a buyer?" asked one observer. Punch Group has also been lined up as a possible merger partner with Laurel. Read more on the possible merger of Punch and Laurel on thePublican.com
The unknown buyer who snapped up 14 per cent in Signature Restaurants, formerly known as Belgo, is to meet the firm's executives in London next month. Kintaro International bought the shares last month sparking rumours of a takeover. Read more on thePublican.com
The Financial Mail On Sunday's 'The Interview' is with Steve Thomas, chief executive of Luminar, the biggest nightclub operator in the UK. The company revealed strong figures last week and Thomas says business is surprisingly strong. "People really want to be entertained," he says. Segmentation is Thomas' mantra. "We want to control the flow of the High Street. People go to a bar then either an entertainment venue or a dancer. We track this from beginning to end so we know what they want - then we can fine-tune our products."Thomas says that he would rather have a quiet night with the wife than hit the discos. He concludes: "I'm old and sad but I also know the business - and it'll be a sadder place without me." Read more on Luminar's results on thePublican.com
The Sunday Telegraph
Guy Hands, head of Nomura's Principal Finance Group, has opened talks with DePfa, the German bank, about a £1 billion sale and leaseback of its Meridien luxury hotels in Europe. Hands paid £1.9bn in May to buy Le Meridien hotels which has 40,000 rooms in 55 countries. The sale and leaseback is central to the refinancing of the original deal.
Sports Café, the growing chain of sports-themed bars, has been bought by Coliseum, a cash shell. Sports Café has three outlets in Birmingham and Cardiff as well as its flagship site near Piccadilly Circus in London. Coliseum, which floated in the summer, raising £2.7m, hopes to build a chain of more than 20 bars.
Sir Ian Prosser, the chairman of Six Continents, is poised to become the next chairman of Standard Chartered, the UK-listed bank which specialises in emerging markets. Prosser is said to be the front-runner but Six Continents is said to be keen to hang on to its man.
The Sunday Times
Hotels expect insurance costs to rise by half - and in some cases double. But it will be difficult for the hard-hit industry to pass on these costs by raising room rates when it is suffering a lack of business.
Britain's inflation rate is heading towards 1.5 per cent, the Bank of England's lower limit, thanks to sharply weaker oil prices. The fall should pave the way for further interest-rate cuts.
The Independent on Sunday
Paying taxes costs British businesses £2.4 billion a year to administer, according to a report currently gathering dust on the desk of the Chancellor, Gordon Brown. The figure does not include the cost of collecting and reclaiming VAT, which is believed to cost at least as much again. The £2.4bn figure is contained in a report by researchers working for the Inland Revenue and Customs and Excise.
The Observer
British companies have suffered the longest sustained period of declining profitability since the last recession, says a report to be published today [Monday, November 19]. The news will keep the pressure on the Chancellor, Gordon Brown, to serve up a package of targeted tax relief and to cut through the burden of red tape for businesses in his forthcoming pre-Budget Report.
The Sunday Express
No industry-related news.
