Guinness pulls out of De Vere takeover bid
The activist investor Guinness Peat Group (GPG) has called time on its efforts to break up De Vere Group after the hotel operator’s decision to sell the Belfry, its Midlands flagship. GPG, which last year launched an unsuccessful hostile partial offer for De Vere worth 430p a share, confirmed yesterday that it was cutting its stake in the company from 10% to less than 3%. – The Times, 12 February.
PPP schools serving unhealthy food
A nutritionist has dished out low marks for the high-fat fare being served up to teenage students in a new generation of Dublin schools. Dietitian Aveen Bannon, from the Dublin Nutrition Centre, said she was taken aback by the number of "fatty, salty" options on the menu for the Public Private Partnership (PPP) schools. – Irish Independent, 12 February.
Scottish pubs face smoke police
A new "pub police force" is to be formed with powers to punish licensees who allow smoking or permit unlawful behaviour on their premises. From March 2006 - the date of the proposed ban on smoking in public places - the officers, employed by local authorities, will police bars to seek out any licensed premises where customers are still lighting up. Owners could be faced with immediate £2,500 fines. – Scotland on Sunday, 13 February.
PizzaExpress may float again?
Restaurant chain PizzaExpress may return to the stock market, less than two years after it was taken private for £278m by private equity firms TDR Capital and Capricorn Ventures. TDR is understood to be looking to appoint an investment bank to advise on strategic options for the business, including a flotation or sale. – Sunday Telegraph, 13 February.
Scottish tourism forecast to rise
Tourism will contribute £400m more each year to Scotland’s economy in three years’ time than it does now, thanks to increased visitor numbers, according to a new report. VisitScotland forecasts the number of people from the UK taking holidays, business trips or visiting relatives in Scotland will rise from 20.2 million this year to 22.1 million in 2008. – Scotland on Sunday, 13 February.
Top Edinburgh restaurant sold
Oloroso, the Edinburgh restaurant favoured by the rich and famous, has been acquired by its chef, Tony Singh. He has teamed up with accountant Frank McMorrow to buy the rooftop restaurant from 20 private investors who put up £400,000 to establish it in 2001. Singh said: "It is a dream fulfilled to own and run my own business." – Scotland on Sunday, 13 February.
Savoy Group owners call off bid for Dublin’s Shelbourne
Quinlan Private has ended discussions to acquire the Shelbourne hotel on Dublin’s St Stephen’s Green, abandoning plans to open a Four Seasons franchise in the city centre. The private equity group, which acquired the Savoy Group last year for €1.2b (£830m), first considered acquiring the Shelbourne last year when the 180-year-old landmark was put up for sale by the Royal Bank of Scotland. – Sunday Times (Irish edition), 13 February.