Dresdner Kleinwort Wasserstein has maintained its ‘buy’ stance on Greene King. The investment bank cited "big opportunities to continue to develop the food offering across the business" in the Belhaven estate, as well the strength of freehold backed community pubs in the sector. DrKW noted investors’ concerns about the impact of the smoking ban in Scotland on the recently-acquired Belhaven estate, but said: "It should be remembered that Belhaven represents only 12% of the overall estate. "In addition as we have now received data for more than a year of the Irish market post their smoking ban (April 2004) we feel that the likely outcome is becoming clearer. The average monthly performance in the 13 months post the ban saw an average volume decline of -4.9% and an average value decline of -3.2%."