Panmure Gordon has maintained its hold stance on Belhaven, adding that a possible bid for the company by Wolverhampton & Dudley Breweries’ was unlikely before Scotland’s smoking ban comes into force in March next year. Douglas Jack, analyst at Panmure, backed the story in May’s M&C Report citing the smoking ban’s risk to trading within Belhaven’s wet-led estate as likely to give a bidder pause. Jack said: "In our opinion, W&DB is the most likely bidder, followed by S&N Enterprises and then Punch Taverns if it can find a buyer for the brewery. We do not believe Belhaven (as a Scottish nitrokeg brewer) is an ideal fit for for Greene King."