The finer details of Six Continents' grand demerger plan, splitting its hotels and pubs businesses, should be grabbing most of the industry's attention this week. The demerger document is due for publication today, Monday.
But Scottish & Newcastle, SixC's chief rival in the UK managed pub and restaurant market, may have a few important announcements of its own in the coming week or two. It is due to announce both the identity of its new chief executive and, perhaps more importantly, details of its long-awaited "sale-and-manage-back" deal for around half of its pub estate.
The sale deal will lead to S&N's retail arm setting itself up as a retail management specialist. Senior management already sees the division developing in the style of Compass Group – operating pubs, bars and restaurants, including its own brands, in other people's property.
It's a vision that could radically alter the way the sector operates, with a knock-on for Six Continent's own retail plans.
Both Six Continents Retail, soon to be reborn as Mitchells & Butlers, and S&N Retail would like to see themselves as the number one player - and S&N Retail would love a crack at bidding for at least a piece of the SixC retail business.
Speculation is focussed on which private equity firms will take the opportunity of the demerger to put in bids for the two sides of the SixC operation. Trade bidders are seen as being at a disadvantage. But an S&N that wants to manage rather than own sites adds a new dimension to bidders' calculations.
S&N could link with a private equity house or other institutional bidder – perhaps even the one that eventually ends up buying its properties.
Another intriguing possibility is a link with an existing pub player. Both Enterprise Inns and Pubmaster were mooted as possible SixC Retail bidders in the press this past week.
Conventional wisdom dismisses such rumours as both are leased pub operators. But their strengths actually lie in property management and who is to say that buying bigger managed sites to lease out to a specialist retailer such as S&N won't come into their long-term game plans? That might in turn also see S&N buying up retail brand rights?
This is, of course, all speculation. But when it comes to mapping out the future of the UK pub and restaurant market anything is now possible.
SixC's bosses themselves believe that the demerger will promote a major shake-up in the sector. It is just that those changes may not be as originally scripted.
• The chairmen of S&N Retail and Pubmaster, Bob Ivell and John Sands, are two of the speakers at this year's Pub Strategy & Investment Conference at the Bafta Theatre in London on March 12. For more details and to book your seat call Nicola Smith on 01293 613400.
But Scottish & Newcastle, SixC's chief rival in the UK managed pub and restaurant market, may have a few important announcements of its own in the coming week or two. It is due to announce both the identity of its new chief executive and, perhaps more importantly, details of its long-awaited "sale-and-manage-back" deal for around half of its pub estate.
The sale deal will lead to S&N's retail arm setting itself up as a retail management specialist. Senior management already sees the division developing in the style of Compass Group – operating pubs, bars and restaurants, including its own brands, in other people's property.
It's a vision that could radically alter the way the sector operates, with a knock-on for Six Continent's own retail plans.
Both Six Continents Retail, soon to be reborn as Mitchells & Butlers, and S&N Retail would like to see themselves as the number one player - and S&N Retail would love a crack at bidding for at least a piece of the SixC retail business.
Speculation is focussed on which private equity firms will take the opportunity of the demerger to put in bids for the two sides of the SixC operation. Trade bidders are seen as being at a disadvantage. But an S&N that wants to manage rather than own sites adds a new dimension to bidders' calculations.
S&N could link with a private equity house or other institutional bidder – perhaps even the one that eventually ends up buying its properties.
Another intriguing possibility is a link with an existing pub player. Both Enterprise Inns and Pubmaster were mooted as possible SixC Retail bidders in the press this past week.
Conventional wisdom dismisses such rumours as both are leased pub operators. But their strengths actually lie in property management and who is to say that buying bigger managed sites to lease out to a specialist retailer such as S&N won't come into their long-term game plans? That might in turn also see S&N buying up retail brand rights?
This is, of course, all speculation. But when it comes to mapping out the future of the UK pub and restaurant market anything is now possible.
SixC's bosses themselves believe that the demerger will promote a major shake-up in the sector. It is just that those changes may not be as originally scripted.
• The chairmen of S&N Retail and Pubmaster, Bob Ivell and John Sands, are two of the speakers at this year's Pub Strategy & Investment Conference at the Bafta Theatre in London on March 12. For more details and to book your seat call Nicola Smith on 01293 613400.
