What the Sunday papers said
The Sunday Telegraph
- Scottish & Newcastle plans to sell its retail division, in a bold move that it hopes will raise up to £2bn to expand its global brewing business. Read more on thePublican.com.
Meridien Hotels, the luxury chain, is now being controlled by its banks after a decision by shareholders to write off the value of their investments and cede control to lenders.
John Lovering, non-executive chairman of Laurel Pub Company, is leading a bid for the Somerfield chain of supermarkets.
Business quotes of the week: "I only open in places where I would want to be myself. And I only drink at places where I can get free booze." Robert Sawyer, the founder of Po Na Na nightclub chain, whose comments, says the Telegraph, may shed some light on why the group is in crisis talks with its bankers.
The Sunday Times
- Interbrew and Scottish & Newcastle are "involved in a battle" for cidermaker Bulmers. Ireland's Cantrell & Cochrane is monitoring the situation but believes the current asking price of £120m is too high. Bulmers has debt of £110m. Read more on thePublican.com.
The ST publishes its annual list of the 1,000 wealthiest people in Britain, with the index featuring some household names of the licensed industry:
- Tim Martin, the founder of JD Wetherspoon, has seen is fortune fall from £145m in 2002 to a measly £62m in 2003.
The McMullen family is valued at £130m - speculation suggests some parts of the business could be sold to provide an exit for some shareholders.
Financier Hugh Osmond has seen is wealth move up to £182m from £134m last year. His stakes in Punch and Spirit are worth £100m and his share in Wellington is worth £50m, according to the ST. Fellow financier Guy Hands is placed at £140m.
Trevor Hemmings, the leisure entrepreneur who recently bought the troubled Brannigans chain is listed 64th in the index with a fortune of £480m.
Frank Brake and family are valued at £270m. The family food supply business was sold to a US private equity firm last year for £434m.
The Independent on Sunday
- Takeover talks at Bulmers, the troubled maker of Strongbow, Scrumpy Jack and Woodpecker, are understood to have stalled after a disagreement over its value.
Brewer Scottish & Newcastle provides a trading update this week and is expected to confirm the sale of 600 pubs to a property partner.
Gordon Brown may have to raise taxes by at least £10bn and possibly as much as £15bn to fill a black hole in his financial plans.
The Sunday Express
- A survey of director pay in the FTSE100, shows that Diageo boss Paul Walsh earned £2.234m last year. Allied Domecq boss Philip Bowman received £1.348m while Scottish & Newcastle chairman Brian Stewart was paid £837,000. Ernest MacKay, chief executive of SABMiller, banked £784,000 and Sir Ian Prosser, chairman of the demerged Six Continents hotels and pubs business received £952,000.
The Mail on Sunday
- The distributors of Blue Nun claim to have sold almost five million bottles in the past year, making it one of the most popular wines in the UK.
Spearmint Rhino, the lapdancing club chain faces a winding up order over unpaid debts.
