Investors awash with pub flotations
Sunday 22 October 1995
"It's a bit like the baby boom in the Sixties," quips Derek Mapp, managing director of Tom Cobleigh, the independent pub retailer planning a pounds 50m flotation next month. "But we weren't conceived out of the Beer Orders."
The Government's so-called Beer Orders in 1989 forced the big brewers to sell off thousands of pubs - inevitably, they chose the least profitable. Unlike other flotation candidates, though, Mansfield-based Tom Cobleigh owns none of the boozers spun off by the industry giants after that fateful Monopolies and Mergers Commission review. Instead, in a little over three years, Cobleigh has built up a chain of 78 mostly managed, branded pubs in Yorkshire, Humberside and the east Midlands.
While Cobleigh should receive a warm reception from investors, the same cannot be said of Enterprise Inns, a management buyout from Bass in 1991, which is due to price its expected pounds 60m issue this week. Analysts worried by the quality of its 500 outlets say Enterprise may have to be floated on a yield of up to 6 per cent to get the issue safely away.
Other pub chains - including Century Inns, Magic Pub and the biggest of them all, the Brent Walker-owned Pubmaster - may have to reconsider their own float plans if Enterprise fails to generate enough interest.
- 1 Michelle Rodriguez: Fast & Furious actor apologises after telling 'minorities' to stop taking on 'white' roles
- 2 The black and blue dress: Makers considering a white and gold version
- 3 This is what it's like to be dead, according to a guy who died for a bit
- 4 PornHub turns masturbation into energy in bid to save the planet
- 5 The remarkable archaeological underwater discovery that could open up a new chapter in the study of European and British prehistory
Stephen Hawking's wife Jane Wilde on their marriage breakdown: 'The family were left behind'
Boris Nemtsov shot dead: Putin critic may have been murdered by Islamic extremists, says president-led committee
British are sexually uptight, dirty and drink too much – according to Spanish book
PornHub turns masturbation into energy in bid to save the planet
White and gold or blue and black – what colour is the dress? An eyewitness gives a definitive answer
New theory could prove how life began and disprove God
This is what it's like to be dead, according to a guy who died for a bit
'Cash for access' scandal: Sir Malcolm Rifkind says 'unrealistic' for MPs to live on £67,000 salary
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Ukip would cut billions from Scottish budget to fund English tax cuts
Russia's roadmap for annexing eastern Ukraine 'leaked from Vladimir Putin's office'
iJobs Money & Business
£40000 - £50000 per annum + pro rata: SThree: SThree Group have been well esta...
£30000 - £37000 per annum: Recruitment Genius: Established in 1999, a highly r...
£250-£300 Day Rate: Jemma Gent: Are you a qualified accountant with strong exp...
£230 - £260 Day Rate: Jemma Gent: Do you want to stamp your footprint in histo...