Anthony Gutman, head of leisure M&A at Goldman Sachs, said at a seminar entitled The Future of Pub Retailing that debt-driven acquisitions had completely dried up. The only real activity, he added, were nil-premium mergers or minority stake purchases by private equity firms. Although the collapse in share prices meant many stocks were looking cheap, poor growth prospects and lack of debt funding made public-to-privates highly unlikely. Gutman said he thought things would get worse before they get better. The Times 27/09/08 page 58 (Business – City Diary)