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.
Katie Hopkins continues campaign to become Britain's most hated talking head with poorly timed Bob Crow tweet
No EU referendum under Labour: Ed Miliband to reveal that vote on membership is ‘unlikely’ in next Parliament if party wins power
Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
Fracking is turning the US into a bigger oil producer than Saudi Arabia
Europeans have ‘got whiter’ due to natural selection in past 5,000 years, scientists say
How climate change helped Genghis Khan: Scientists believe a sudden period of warmer weather allowed the Mongols to invade with such success
- 1 Hells of residence: Inside Macedonia's horrifying student accommodation - where the walls are green and the food is black
- 2 Arrest made after man is found by the side of the road with his penis cut off
- 3 Michael Schumacher 'experience' gives F1 legend chance to 'show his character', says Lewis Hamilton
- 4 Girl found in the Amazon rainforest with neighbour Grover Morales after going missing for 7 months
- 5 Disney's Frozen is 'very evil' gay propaganda, says Christian pastor
iJobs Money & Business
£32000 - £36000 per annum + generous benefits: Pro-Recruitment Group: * TAX * ...
£37000 - £40000 per annum + £20000 benefits package: Pro-Recruitment Group: **...
£55000 - £70000 per annum + benefits: Pro-Recruitment Group: In-House Corporat...
£80000 - £100000 per annum + benefits: Pro-Recruitment Group: In-House Opportu...