Spirit Group in pubs sell-off
Spirit Group, the pub operator that acquired Scottish & Newcastle Retail for £2.5b, has put about 170 of its high street bars and pubs up for sale with an estimated price tag of £200m to £250m. About half the pubs are said to be former S&N properties, including such brands as Bar 38, Henry’s, Rat & Parrot and Via Fosse. Spirit is believed to have had approaches from Robert Tchenguiz’s Laurel Pub Company and GI Partners, the US private equity firm that owns Yates Group. – The Times, 23 April
Half share in top Geneva hotel sold
Prince Alwaleed’s Kingdom Hotels has sold a 50% stake in the Hotel des Bergues in Geneva to Worldwide Hotel Investments, the Malaysian investment group, for a rumoured £29m in a deal that was advised by London-based Cedar Capital Partners. – The Times, 23 April
Gleneagles managing director calls for G8 calm
Gleneagles Hotel managing director and chairman of VisitScotland Peter Lederer has warned that scenes of rioting among G8 protesters and the police could cost Scotland tens of millions of pounds in lost tourism and business revenue. Gleneagles will host the G8 summit in July and Lederer has urged Scots not to “shoot ourselves in the foot” by being negative about the country hosting the high-profile conference. – Sunday Herald, 24 April
Punch and Jennings to report increased profits
Punch Taverns is expected to deliver a further set of record results on Thursday for its 7,400 pubs, with half-yearly profits up from £72.5m to around £93m. Cumbria pub operator Jennings Brothers is set to deliver probably its last set of annual results as an independent on Wednesday, ahead of a formal take-over offer from Wolverhampton & Dudley. Analysts look for a modest profits increase from £3m to around £3.2m from the 128-strong pubs business. – Sunday Herald, 24 April
Ex-Laurel boss in second round bidding for SFI
Former Laurel Pub Company chief executive Ian Payne has made it through to the second round of bidding for SFI Group, the pub chain behind Slug & Lettuce and Litten Tree brands. Payne is thought to be competing against others including Robert Tchenguiz, who paid £151m for the Laurel Pub Company in December and Yates Group. – Mail on Sunday, 24 April
Irish hotel chain to show second year of losses
Great Southern Hotels, the state-owned group controlled and managed by the Dublin Airport Authority (DAA), is understood to have recorded a loss of more than €2m last year. The figures are expected to emerge on Wednesday when the DAA publishes its first annual report. This is effectively the second year of straight losses at the hotel chain. – Sunday Times (Irish edition), 24 April