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Thread: Pubco. mergers.

  1. #11
    Palookaville hondo's Avatar
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    "the move will “enhance choice for both tenants and consumers and provide a platform for further growth at "
    http://www.telegraph.co.uk/business/...miral-taverns/
    "Do I know where hell is? hell is in hello"

  2. #12
    Waterborne Beer Inspector Bucking Fastard's Avatar
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    Quote Originally Posted by hondo View Post
    "the move will “enhance choice for both tenants and consumers and provide a platform for further growth at "
    http://www.telegraph.co.uk/business/...miral-taverns/
    Thanks hondo,that's another pubco I missed on my original list ,now updated.
    Last edited by Bucking Fastard; 04-09-2017 at 11:55.
    "Good people drink good beer" Hunter S Thompson

  3. #13
    This Space For Hire Aqualung's Avatar
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    Quote Originally Posted by Bucking Fastard View Post
    Thanks hondo,that's another pubco I missed on my original list ,now updated.
    And another one to add to my AVOID list.

  4. #14
    Pub researcher (unpaid) rpadam's Avatar
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    Default Eh? (parts 1 and 2)

    Quote Originally Posted by hondo View Post
    "the move will “enhance choice for both tenants and consumers and provide a platform for further growth at "
    http://www.telegraph.co.uk/business/...miral-taverns/
    Eh? (part 1)

    “For us it provides market access,” said C&C chief executive Stephen Glancey. “So we will be able to drive our brands through their estate over time.

    “Vertical integration in the UK has always been a successful model. You have Fuller’s and Young’s, for example – they own pubs and they own breweries. That secures a space in the bar for their brands and they use that to enhance the business.

    “For brewers and drinks companies to have some sort of ability to influence the choice in pubs is still very relevant.”


    Quoting Young's as an example of a vertically-integrated company in 2017?

    Eh? (part 2)

    Investing £37 million for 47% of a pubco with 845 pubs works out at £93k per house which is either: a) a bargain; or b) shows that Admiral Taverns has a basket-case of an estate (that can't even have much of a 'change of use' upside). So bearing in mind part 1, how good was their due diligence?

  5. #15
    Palookaville hondo's Avatar
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    "which owns 230 pubs, saw pre-tax losses hit £8.9m in 2016 from £5.8m the prior year"
    http://www.telegraph.co.uk/business/...t-refinancing/
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  6. #16
    Waterborne Beer Inspector Bucking Fastard's Avatar
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    Quote Originally Posted by rpadam View Post
    Eh? (part 1)

    “For us it provides market access,” said C&C chief executive Stephen Glancey. “So we will be able to drive our brands through their estate over time.

    “Vertical integration in the UK has always been a successful model. You have Fuller’s and Young’s, for example – they own pubs and they own breweries. That secures a space in the bar for their brands and they use that to enhance the business.

    “For brewers and drinks companies to have some sort of ability to influence the choice in pubs is still very relevant.”


    Quoting Young's as an example of a vertically-integrated company in 2017?

    Eh? (part 2)

    Investing £37 million for 47% of a pubco with 845 pubs works out at £93k per house which is either: a) a bargain; or b) shows that Admiral Taverns has a basket-case of an estate (that can't even have much of a 'change of use' upside). So bearing in mind part 1, how good was their due diligence?
    I suppose it's quite possible that b) might be the answer.What isn't clear is how much debt is associated with the pub estate,and this could be via a securitisation.Also 47% is still a minority equity position which much attract some kind of valuation discount.

    Maybe it's a "cheap" deal for a very good reason.
    "Good people drink good beer" Hunter S Thompson

  7. #17
    Waterborne Beer Inspector Bucking Fastard's Avatar
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    Quote Originally Posted by hondo View Post
    "which owns 230 pubs, saw pre-tax losses hit £8.9m in 2016 from £5.8m the prior year"
    http://www.telegraph.co.uk/business/...t-refinancing/
    Looks like some larger Pubco. will take out this group to bulk up their estate. The UK pub sector in general is a very mature industry so more consolidation seems likely until the competition authorities begin to concern themselves about monopoly /ologopily influence ................. which must still be a long way off.
    Last edited by Bucking Fastard; 06-09-2017 at 08:31.
    "Good people drink good beer" Hunter S Thompson

  8. #18
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    Quote Originally Posted by Bucking Fastard View Post
    That's interesting.

    Seems to me there is a Big Nine in the Pubco world after some recent transactions,figures from a quick trawl around wiki.

    1. Enterprise -- 5500 pubs approx
    2. Greene King -- 3000
    3 Heineken ( Star ) -- 3000
    4. Mitchell & Butler -- 1800
    5.Marstons -- 1700
    6 Patron (ex Punch) -- 1300
    7.Wetherspoons -- 900
    8. Stonegate -- 800
    9. Admiral -- 800

    I make that a total of 18,850 pubs,38% of the market.

    Is anyone aware of something I've missed ,or gross inaccuracy in these figures ?
    You can knock Admiral (845 pubs) of that list as they were bought today by C&c group who own Tennants and Magners cider

  9. #19
    Waterborne Beer Inspector Bucking Fastard's Avatar
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    Quote Originally Posted by london calling View Post
    You can knock Admiral (845 pubs) of that list as they were bought today by C&c group who own Tennants and Magners cider
    The announcement about Admiral was a change in the share ownership of this pubco.If (and more likely when ) C&C gain majority control,I will change the name from Admiral to C&C.
    "Good people drink good beer" Hunter S Thompson

  10. #20
    Palookaville hondo's Avatar
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