'Smoking ban to hit Wetherspoon's figures'
The hospitality sector's continuing struggle because of the smoking ban is likely to dominate pub group JD Wetherspoon's interim announcement on Friday. Like-for-like sales in the first quarter immediately after the ban was introduced in July are expected to show a one per cent drop, with further deterioration after that. Analysts at broker Evolution are forecasting an 11 per cent dive in interim pre-tax profits to £29.2m. City expectations for the full year are a drop in pre-tax profits to £59m from £62m last year. - Scotland On Sunday
Pop queen Madonna has become a pub landlady - after buying her local, The Punchbowl, near her West End home. Beer-loving Madge and hubby Guy Ritchie splashed out more than £2.5m to own the 18th century boozer. A friend of Madge, 49, said last night: "She absolutely adores the pub. They pop in regularly to get away from it all." Madonna and Guy, 39, bought the pub in London's Mayfair district from their pal Greg Foreman - son of former Kray twins gangster Freddie Foreman. - Sunday People
More than £60m in bankers' fees has been trimmed from the mooted £2.5bn sale of Mitchells & Butlers (M&B), paving the way for a private equity purchase. Typically, listed companies are loaded up with bank debt, which has to be refinanced under "change of ownership" rules. Fees on this are usually around two per cent of the amount refinanced, though it could be more at the moment given the weakness of the debt markets. A leading leisure analyst estimates that M&B has about £2.9bn of debt, but this has been securitised against its property portfolio. This type of debt does not carry the same change-of-ownership stipulation, leading to the possibility that private equity firms may be able to make a cash offer for the business. - Independent On Sunday
The world's most expensive beer has gone on sale - at £204 a bottle. The super-strength beer by Carlsberg, which has taken two years to brew, is described as a heady mix of intense caramel and sherry or madeira-like flavours. Only 600 bottles of Jacobsen Vintage No 1 have gone on sale across Europe. They are the size of a half-bottle of wine - 375ml - which works out at £255 a pint. - Sunday Mirror
