Thistle Hotels set to announce pounds 1.5bn stock market float
Monday 19 August 1996
Thistle's decision to go public is the latest in a string of announcements in the hotel sector, which has enjoyed a significant recovery this year, with London hotels performing particularly strongly. Millennium & Copthorne, MacDonald and Jarvis Hotels have already floated this year and last week Lonrho announced plans to float its hotels division, Princess Metropole, for pounds 600m-pounds 700m.
Thistle's chief executive, Robert Peel, will announce a strong set of half-year figures tomorrow, which are forecast to show that operating profits are 20 per cent up on turnover 12 per cent higher. Last year the company recorded profits of pounds 35m on sales of pounds 267m
Thistle, which was formerly known as Mount Charlotte Hotels, has a strong presence in the booming London market with hotels such as the Kensington Palace, the Mount Royal in Marble Arch and the Tower, an 800-bedroom hotel in the City. Most of its hotels are three or four-star.
A stock market flotation would set the seal on an impressive performance by Mr Peel, who joined the company 20 years ago when it included only a handful of seafront hotels and some nightclubs. He acquired the company from brewer Scottish & Newcastle in 1989. The following year it was acquired by New Zealand-based Brierley Investments, which remains the parent company. Based in Leeds, Thistle now has a string of hotels across the country operating under the Thistle and Mount Charlotte names.
Thistle is not expected to reach the stock market until October but will have to cope with a market that has provided a stern test for recent new issues. Millennium & Copthorne and MacDonald hotels enjoyed good debuts but Jarvis Hotels proved a disappointment and its shares are still trading 10p below its 175p issue price.
Oxford is the least affordable city in the UK, where houses cost 11 times local salaries
Wellcome Image Awards: The most striking images from the world of science, including breast cancer cells under chemical attack and a photographer’s own kidney stone
Space debris orbiting Earth to be destroyed with giant lasers fired from Australia
Oscar Pistorius murder trial: Athlete repeatedly sick as court hears 'graphic details' of Reeva Steenkamp's post-mortem
How climate change helped Genghis Khan: Scientists believe a sudden period of warmer weather allowed the Mongols to invade with such success
Britain's top vet sparks controversy with call for ban on slashing animals' throats in 'ritual' slaughters for halal and kosher meat products
Poor 'live like animals' says Boris's privately educated sister after going on 'poverty safari'
Exclusive: Impact of immigrants on British workers ‘negligible’
Vince Cable: Teachers 'know absolutely nothing' about the world of work
Ukraine crisis: Russia pledges to 'retaliate against sanctions' as Ukrainian president says Crimea vote will not be recognised
The quiet diplomat: Catherine Ashton - recognised and admired in all the world’s troubled countries, yet ridiculed at home
- 1 Australian man Rod Sommerville reacts to bite from deadly snake by reaching for cold beer
- 2 Pakistan vs Paul Smith: Sandal-wearers bemused by famed British designer's attempts to sell traditional Peshawari chappal-style shoes for the distinctly untraditional sum of £300
- 3 North Korea elections: Kim Jong-un wins 100% of the vote
- 4 Grace Dent: Who cares if she spells it Barraco Barner? Gemma Worrall is more employable than some bookish arts graduate
- 5 Sharknado 2: Former WWE wrestler Kurt Angle to fight second wave of flying sharks
iJobs Money & Business
£1000 per month: Inspiring Interns: The company works with Tier 1 FTSE 100 Ban...
£35000 - £60000 per annum + Bonus + Benefits: Pro-Recruitment Group: You must ...
£60000 - £80000 per annum + BONUS + BENEFITS: Harrington Starr: A top, City ba...
VOLUNTARY ONLY - EXPENSES REIMBURSED : Reach Volunteering: Fantastic opportuni...