Finance – Page 277
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News
Enterprise 'to benefit most from beer duty cut'
Enterprise Inns is the pub company that will benefit most from the cut in beer duty in terms of the impact on pre-tax profit, according to leading analyst Douglas Jack, who estimated that the beer duty reduction should be worth £30m to pubs based on sales last year
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Essenden to raise £100m acquisition fund
Essenden said yesterday that it is to tap institutions for at least £100m of new equity to fund acquisitions, which could include a move into the restaurant sector
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No target numbers for new Faucet Inns-Downing JV
No targets have been set for openings under Craft Beer Pub Co, the new joint venture between the Downing Pub EIS Fund and London-based operator Faucet Inns, M&C Report has learnt
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San Carlo Group in funding talks
San Carlo Group, the family run Italian restaurant chain, has been in discussions about securing outside investment, managing director Marcello Distefano has revealed
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Lfls up 13.5% at Essenden
Essenden, the Nick Basing-led operator of the Tenpin brand, has reported a 13.5% rise in like-for-like sales for the 11 weeks to 16 March 2014 on the back of a second consecutive year of growth
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C&C buys wholesaler Wallaces Express outright
C&C Group, the Irish producer of Magner’s cider, has announced that it has acquired the outstanding 50% share of Wallaces Express, Scotland’s largest wine and spirits wholesaler, that it did not already own for an undisclosed sum
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News
Jack reiterates Buy for Spirit
Leading analyst Douglas Jack has reiterated his Buy recommendation for Spirit Pub Company after it reported an acceleration in like-for-like trading this morning, and said it deserves another re-rating
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NewsSpirit lfl growth accelerates
Spirit Pub Company has reported an acceleration in like-for-like growth in the eight weeks to 1 March, with like-for-like net sales in its managed arm up 6.1% and like-for-like net income in the leased division up 6% in the period
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NewsJust Eat plans IPO
Just Eat, the on-line takeaway platform, has announced its intention to float on the London Stock Exchange for a primary offering of £100m
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NewsM&C20 holds steady amid general market decline
The M&C20 escaped the worst ravages of a week that saw the FTSE All Share Index plummet by 3.2% to 1,027
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NewsAnalyst corner
Simon French at Panmure Gordon looks ahead to the H1 pre-close update from Spirit Pub Company on Tuesday (18 March), with the analyst “strongly” reiterating his Buy recommendation and 110p Target Price for the group
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News
Autogrill profits pick up after drop in 2013
Autogrill, the transport hub operator, said sales were starting to pick up this year as road traffic after reporting a 2.2% drop in revenue to €3.98bn in 2013
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NewsJDW: Ireland, property, World Cup, M40, analysts
M&C Report takes a closer look at the H1 results to 26 January for JD Wetherspoon and reports from a press briefing with chief executive John Hutson and finance director Kirk Davis
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NewsHarry Ramsden’s signs franchise deal for Scotland
Harry Ramsden’s, the iconic fish & chips brand, plans to open 50 sites in Scotland by 2019 after granting the franchise for Scotland to Sevenseas Ventures Limited
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NewsAction on pubcos this Parliament 'unlikely'
It’s “increasingly unlikely” that tenanted pub companies will be subject to legislation during this Parliament, according to leading analyst Nigel Parson
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News
Yummy reports February lfls up 15%
Yummy Pub Co, the four-strong pub operator, has reported like-for-like sales were up 15.6% across its sites in February
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NewsJDW H1 lfls rise 5.2%
JD Wetherspoon has reported a 5.2% rise in like-for-like sales in the 26 weeks to 26 January, with profits before tax and exceptionals up 8.5% to £37.8m
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NewsCaring to pick up warchest for further restaurants
Serial sector investor Richard Caring is set to gain a “warchest” for further restaurant and club acquisitions in London, after the sale of significant part of Camden Market and Wentworth golf club
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Analysis & InsightSector lfls flat in February
Like-for-like sales across 27 leading pub and restaurant groups were virtually flat in February, with growth of just 0.2%, against relatively difficult comparatives with the same month last year
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News
Imbiba secures £4m of new funding
Imbiba Partnership, the investment vehicle led by John Connell, has so far raised £4.1m out of the £6m it is looking to secure from its latest round of fundraising