W&D `confident' that court will let it buy Mansfield
Thursday 02 December 1999
W&D's agreed bid for Mansfield has been complicated by arguments over whether Mansfield's share-owning trusts have the right to sell their stakes. A High Court hearing to resolve the matter is due to take place in the week beginning 13 December. A spokesman for W&D said: "We would not have gone this far down the line unless we were confident that we would win."
The company's pre-tax, pre-exceptional profit for the year to 2 October was pounds 50.2m. Turnover was up 35 per cent at pounds 415.5m. David Thompson, W&D managing director, said the improvements were due to lowercosts and a drive to increase like-for-like sales. He said: "This is a mature industry and one where there are substantial costs, and we've been taking them out." He added that the integration of Marston, Thompson & Evershed, the regional brewer, which W&D acquired earlier this year, had "exceeded our expectations". Cost savings from the deal areexpected to reach pounds 20m, pounds 3m more than was projected. The Mansfield takeover would yield a further pounds 12m of savings. W&D's like-for-like managed pub sales were up 3 per cent in October and November.
But the company also warned that maintaining margins would be difficult in an unfavourable retailing environment. David Miller, W&D's chairman, said:"Government regulation has added costs through the working time directive, the national minimum wage, and through high business rates."
W&D also announced yesterday its intention to sell 284 mainly tenanted pubs to KUC, owned by Royal Bank of Scotland. The disposal will raise pounds 40m and W&D will use the proceeds to reduce its borrowings.
W&D shares yesterday closed up 26.5p at 566.5p. The group will pay a final dividend of 22.64p a share, up 10.2 per cent from the previous year.
- 1 Home Office says Nigerian asylum-seeker can’t be a lesbian as she’s got children
- 2 What happens to your body when you give up sugar?
- 3 Drugs Live cannabis trial: Hash is less harmful than any other drug, expert claims
- 4 Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
- 5 Apple and Google users being spied on for a decade because of 'Freak' security flaw
The City of the Monkey God: Archaeologists claim to have found city lost for 1,000 years in remote Honduran jungle
Turkish Airlines flight TK 726 crash-lands on Nepal runway amid dense fog
Japanese island overrun with cats after population explodes
London property boom built on dirty money
Becky Watts: Stepbrother and his girlfriend named locally as two arrested on suspicion of murder
'Jihadi John': CAGE representative storms off Sky News accusing Kay Burley of Islamophobia
Durham Free School: 'Creationism taught at' free school facing closure
Nearly 100,000 of Britain's poorest children go hungry after parents' benefits are cut
Ukip would cut billions from Scottish budget to fund English tax cuts
End of the licence fee: BBC to back radical overhaul of how it is funded
Ukraine crisis: Top Chinese diplomat backs Putin and says West should 'abandon zero-sum mentality'
iJobs Money & Business
£25000 - £30000 per annum + benefits: Ashdown Group: A global leader operating...
Voluntary post, reasonable expenses reimbursed: Reach Volunteering: Would you ...
£36,000 - £40,000: Christine McCleave: Are you looking for a new opportunity a...
£15000 - £18000 per annum: Recruitment Genius: This is a great opportunity for...