Pub chain to float if it captures S&N
Sunday 17 August 2003
The privately owned pub group Laurel is planning to float on the London Stock Exchange if it succeeds in winning control of Scottish & Newcastle's pub estate.
S&N is auctioning the 1,400-strong portfolio to focus on brewing. Offers are believed to have ranged from £2.3bn to £2.5bn.
Laurel, which owns the hog's head chain, is bidding in conjunction with the Japanese bank Nomura. Other interested parties include the secretive Reuben brothers and Mitchells & Butlers, the pub chain recently demerged from Six Continents.
Laurel would become the country's largest managed pub company if it were to buy the estate. Should it float, it would have an estimated valuation of around £2.5bn.
One source close to the company said: "One way of growing is the organic route but clearly if it got 1,400 [pubs] in one fell swoop, it would go beyond that and be a very good company to float." The source added that, subject to market conditions, Laurel "definitely" wanted to become a public company. Laurel declined to comment.
Bidders have until Friday to submit revised offers to S&N. The deal is expected to complete by the end of the year.
The Microsoft mogul told fans a few home truths during his Reddit AMA
First full-length look is finally here
- 1 Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
- 2 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 3 Ball pool for adults opens in London
- 4 Baldness could soon be treated using stem cells, scientists hope
- 5 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Woman falls to her death as she celebrates marriage proposal at the edge of Ibiza cliff
Boris Johnson claims porn-obsessed Islamic jihadists are 'literally w*****s'
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Teenager brandishing fake gun taken down by police after demanding airtime on Netherlands' NOS TV station
Ball pool for adults opens in London
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Have we reached 'peak food'? Shortages loom as global production rates slow
Greece elections: Syriza and EU on collision course after election win for left-wing party
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£30000 - £35000 per annum + Benefits: Ashdown Group: Marketing Manager - Marke...
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...