Nightclubs could be squeezed and extra staffing costs for pubs will swallow much of the extra alcohol revenue that the new licensing laws will bring. Leisure analyst Greg Feehely, of Altium Capital, says clubs targeted at the younger market should not feel too much of a pinch. But poorly-located, under-invested establishments will suffer both in terms of footfall and average spend. The Sunday Telegraph 18/12/05 (Business) page 5