CITY BRIEFS
JDW founder nets £1.2m from share sale
JD Wetherspoon chairman Tim Martin has made his first share sale for a number of years. Martin has sold 375,000 shares at a price of 319p a share, netting just short of £1.2m. The sale leaves him owning 32,622,807 shares in the company that he founded. Oriel Securities analyst Mark Brumby said: 'We would read nothing into Mr Tim Martin's disposal. His percentage holding has risen arithmetically every time the company has bought back shares and this represents about 1% of his holding.'
Oak Taverns snaps up Tudor pub
Wisbech-based Oak Taverns has bought the Cretingham Bell, a Grade II-listed Suffolk inn with Tudor origins. The Cretingham Bell was formerly the Manor House for the picturesque village of Cretingham, located on the upper reaches of the River Deben, seven miles from Woodbridge. Agents for the sale was Christie & Co.
Barracuda opens six sites in 10 days
Managed operator Barracuda Group has opened six new pubs within just 10 days - all sites were previously unlicensed properties. The openings included four new Smith & Jones outlets: the Exchequer in Kirkcaldy, Scotland; the Pembroke in Gravesend; the Paddock in Uttoxeter and the Calder in Accrington. Two new Barracuda Bars in Hinckley and Redcar were also opened. The six sites represent a combined investment of £5.8m.
Provence pub sale nets £38k for investor
The freehold of a pub tenanted to Provence being sold by a private investor has changed hands for a £38,000 premium on its original sale price. A private investor acquired the Woodhouse Inn in Woodend, Worksop, Nottinghamshire, for £392,000 in November 2004 with Provence promising a rent of £39,000 per annum. The pub was sold off for £430,000 at a Jones Lang LaSalle auction last week. The investment yield has reduced from 9.9% to 9%
Birmingham freehold sold for £510,000
The freehold of a Birmingham pub where Punch Taverns is itself the tenant has been sold for £510,000. Punch is paying a rent of £22,000 per annum on the Big Bull's Head in Digbeth, Birmingham. The new owner is achieving a yield of just 4.3% on his investment in the pub.
Britvic shares up on first day of flotation
Britvic closed up 5p at 235p on Friday at the end of its first day on the stock market. The 230p-a-share flotation valued the soft drinks manufacturer at £494m, at the middle of its expected range. Whitbread and Pernod Ricard have disposed of their entire interest in the company. They, along with InterContinental Hotels, sold about 181m shares, or about 84% of the stock issued by the company. Whitbread will receive gross proceeds of £117.3m.
