'Punch Taverns to report tough Christmas trading figures'

"Embattled pub company Punch Taverns is expected to report tough trading over the festive season, with like-for-like sales likely to be down about 5 per cent across the bulk of its estate. Its annual shareholders' meeting is due on Wednesday, when the board may face hostile questioning over prospects for the group, whose shares have dropped almost 90 per cent over the past year on worries over its £4.5bn debts. While there was some respite for the shares on Friday on hopes that the meeting will reveal no deterioration in Punch's performance since its last update to the market in November, the outlook for the company remains gloomy." - Sunday Times​

"Punch Taverns' chief executive Giles Thorley will have his work cut out to convince investors that the debt pile of £4.5bn can be handled with relative ease when drinkers are staying at home or looking for bargains at supermarkets as they rein in expenditure. Thorley is forgoing a performance-related bonus and has agreed to have his annual pay frozen at £525,000 in 2009. The only chink of light was news that US shareholder David Einhorn had increased his stake from 7.4 to 8.2 per cent. Perhaps he knows something we don't." - Observer​

"A £600m bidding war is set to break out between pub companies, property groups and brewers over the 1,000-strong pub estate put up for sale by Royal Bank of Scotland last week. Midlands-based brewer and pub company Marstons is believed to be interested as is rival Greene King. Despite the credit crunch several property companies are also eyeing up the business. The chain is managed by Scottish & Newcastle Pub Enterprises, part of the brewing giant S&N, owned by Heineken, which is itself seen as the most likely buyer." - Mail On Sunday​

"For all the gloom concerning the pub trade some think it has been overdone. Paul Hickman, leisure analyst at broker KBC Peel Hunt, believes that the drinks arena is far more resilient than stock market valuations would have us believe. 'Many of these pub companies have been around for a long time and survived harsh downturns. Many of these businesses are much more robust than people think. I'm certainly not talking about earnings growth for listed pub companies any time soon, but talk of the imminent collapse of many of these firms is over the top. Debt management is the key. Lots of companies have securitised their debt for up to 35 years, so the pressure in the short term is not that great.'" - Independent on Sunday​

"A hard-up landlord has fled after giving away all his award-winning pub's furniture. John Westendorp also handed out carpets and even the boiler to eager takers. Then he vanished without telling his brewery where he was going. John, who owned all the property he gave away at the General Elliot in South Hinksey, Oxon, said: 'I'm broke.'" - Sunday Mirror​

And finally...

"A new report has revealed that drunkenness in the modern Navy has spiralled to such an extent that it could be damaging fighting capability. Damning research commissioned by defence chiefs shows that alcohol abuse is a much bigger problem among naval personnel than among the civilian population. In the new survey, carried out by the King's Centre for Military Health Research in London, one in five sailors said they drank over 50 units of alcohol a week - more than double the recommended safe limit for men, which is 21 units." - Mail On Sunday​