Whitbread has now shrunk from a large leisure conglomerate into a pint-sized corporation, according to The Business. However shares tumbled last week after it warned of a "less confident consumer" and said sales at its pubs arm had suffered. Many in the City believe that what is left of Whitbread's ragbag portfolio of brands will inevitably provide more value to shareholders if broken off from the group. But chief executive Alan Parker, says The Business, has shown foresight in growing budget hotels at a time when consumer spending is shrinking. The Business 01/05/05 page 13 The Independent on Sunday 01/05/05 (Business) page 10