Nomura plans shake-up of Inntrepreneur pubs
Monday 22 December 1997
Nomura is already planning to streamline its estate by getting rid of some of its worst-performing pubs, and industry sources believe it will go further and initiate a far-reaching disposal programme.
One City observer said: "It is looking to restructure its estate and is likely to sell a large number of pubs ... perhaps as many as 1,000."
Nomura is also eyeing up more acquisitions to add to its 4,400-strong tied estate. The bank was interested in swapping some of its pubs for a large chunk of Bass's tenanted pub business. It lost out in that deal to Hugh Osmond and Roger Myers, the restaurant entrepreneurs.
However, Nomura could now turn its attention to other brewers such as Scottish & Newcastle (S&N) and Whitbread, which are understood to have put some of their own tenanted estates on the market.
Nomura became the biggest pub landlord in the country when it announced the acquisition of Inntrepreneur and Spring Inns for pounds 1.2bn in September.
The deal is due to be completed by April, after which Nomura is likely to combine the two estates to create a huge new pub chain.
Nomura is also close to negotiating a new beer supply agreement to replace its existing contract with S&N. It is likely to strike a deal with all the major brewers under which landlords will be able to order whichever beers they want from a given price list.
Analysts believe S&N will have to offer much larger discounts per barrel but should be able to retain a significant amount of business from existing landlords used to serving its beers.
However, Nomura has inherited a legal threat from hundreds of Inntrepreneur tenants who are attempting to sue the pub company for the imposition of unfair tie agreements, which allegedly committed them to paying too much for beer in the past. The legal battle is likely to intensify next year when several test cases come to court.
New essay by JK Rowling went live on Pottermore site on Friday
New UK station Russia Today gives a very bizarre view of Britain
- 1 Chinese authorities arrest 11 people over exhuming woman’s body to sell as corpse bride
- 2 Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
- 3 Woman blinded as a child can see again after hitting her head on a coffee table
- 4 Paul Hollywood: Police asked if I wanted them to arrest Mary Berry for vandalism after she 'defaced' my car
- 5 If you think Russell Brand’s new book is confused, you should read what his critics have to say about it
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Tower of London poppies: Tens of thousands of people flock to see installation in its final days
Top Gear presenter Jeremy Clarkson criticised for beer tweet
Woman blinded as a child can see again after hitting her head on a coffee table
Bryan Adams' heartstopping images of wounded British soldiers to go on show at Somerset House
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Maureen Lipman says 'she can't vote Labour while Ed Miliband is leader'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
iJobs Money & Business
£18000 - £23000 per annum + Comission: SThree: SThree, International Recruitme...
£20000 - £25000 per annum + OTE £35K: SThree: We consistently strive to be the...
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...