Hardys & Hansons heads for AIM

East Midlands pub group Hardys & Hansons has replaced its managing director and unveiled plans to move to the Alternative Investment Market (AIM).

Retail director Jonathan Webster has taken over from Tim Bonham, who resigned from the board yesterday (6 December).

A spokeswoman for the company described the split as amicable and part of the process of preparing the company for its next phase of growth.

Bonham will oversee a move from the main market on the London Stock Exchange (LSE) to AIM next year.

Hardy's believes its new status will reduce the administrative burden associated with a full LSE listing and make it easier and quicker to carry out further acquisitions.

The mooted move comes as full-year profit slipped due to "difficult" conditions at its managed houses, explained by increasing competition, utility and staffing costs.

Weak trading in the second half of the year saw like-for-like sales growth at its 62 managed houses pegged back to 0.8%.

Chairman James Kerr-Muir said this "relative weakness" had continued into the new financial year, but predicted the £18.4m of new acquisitions made in 2005 and the continuing strong performance of its tenanted estate would boost profit next year.

Pre-tax profit in the year to 30 September fell 3% to £14.8m (2004: £15.2m), while turnover grew 7% to £81.5m (2004: £76.2m) aided by acquisitions a year earlier.

By Chris Druce

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