Britain's high streets have too many pubs, according to Grant Ringhaw's Small Cap Comment column in The Sunday Telegraph. He points out that once fast-growing JD Wetherspoon and Regent Inns both issued profits warnings in April. Then last week Wetherspoon non-executive director Tony Lowrie sold 390,000 shares, just a month after he unloaded 610,000. Although Lowrie still holds more than 7m shares, the move could unnerve jittery investors. Only 10% of Wetherspoon pubs have TVs which means they are likely to miss out on summer drinkers keen to watch the Euro 2004 football championship. The Sunday Telegraph 13/06/04 (Business) page 9