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  1. February 16, 2014

    For Punch shareholders, a bloody nose beats a knockout

    Who but a lawyer would relish the scene of a family gathered around a parent’s deathbed and squabbling over who gets the...

  2. February 12, 2014

    Tax retrospection a blind alley in India’s equity quest

    India gets mixed reports from tourists. The pleasure of viewing the Taj is counterbalanced by the discomfort of seeing...

  1. February 12, 2014

    Punch backs down in debt restructuring battle with creditors

    Punch Taverns has scrapped its “final” proposal to restructure its £2.3bn net debt, with company management now willing to...

  2. February 6, 2014

    Listed pub sector serves up a healthier round of figures

    Pubs closing their doors. Food and drink costs rising. Britons drinking less beer. By some measures, the future of the pub...

  3. January 27, 2014

    Punch bondholders knock back £2.3m debt restructuring plans

    Bondholders in Punch Taverns have thwarted the pub group’s plans to restructure its £2.3bn debt after a group of senior and...

  4. January 17, 2014

    Small-cap Week, January 18

    UK shale gas prospectors led the small-cap gainers this week after French group Total gave the fledgling industry a vote of...

  5. January 15, 2014

    Punch Taverns: time please!

    After 15 months of negotiations with various flavours of bondholder, Punch Taverns has rung the bell and called time. The...

  6. FT Alphaville

    January 15, 2014

    The (early) Lunch Wrap

    Good Morning New York, NEWS Punch threatens to default on debt: Punch Taverns on Wednesday issued a stark warning to...

  7. January 15, 2014

    Punch bondholders face last orders on debt

    Punch Taverns on Wednesday threatened bondholders with default unless they agree to “final terms” for restructuring the pub...

  8. December 9, 2013

    Punch Taverns and bondholders narrow their differences

    A deal between Punch Taverns and its bondholders about the restructuring of its £2.3bn net debt edged a little closer after...

  9. November 21, 2013

    Pubs turns focus from property to staff

    For a long time in the pub industry, the property market came before pubs. Whoever was running the pub – and how well they...

  10. September 25, 2013

    Punch Taverns hit by fall in profits as it struggles with debt

    Punch Taverns’ attempt to restructure its £2.3bn net debt will take on a new urgency as looming deadlines focus the minds of...

  11. September 10, 2013

    UK small caps enjoy summer hot streak

    A rare spell of sunshine appears to have worked wonders in the UK economy this summer. After a disappointing recovery from...

  12. September 5, 2013

    UK’s Enterprise Inns refinances £100m of net debt

    Enterprise Inns, the largest pub owner in the UK with 6,000 drinking holes, has refinanced £100m of its net debt through an...

  13. August 22, 2013

    Never knowingly underpaid, JLP staff are an oddity

    Like Mary Poppins, the John Lewis Partnership is practically perfect in every way. Even its payroll screw-ups are benign....

  14. August 8, 2013

    Brokers fined over Reliance share price manipulation

    The UK financial regulator has fined two advisers and is planning enforcement action against a third in three cases all...

  15. June 17, 2013

    Lombard: Co-op Bank listing would horrify Rochdale Pioneers

    The announcement by the Co-operative Group of a £1.5bn plan to rescue its faltering bank should stabilise the battered...

  16. June 12, 2013

    Punch proposals on debt rejected

    Bondholders at Punch Taverns have rejected the company’s latest restructuring proposal and have called for an independent...

  17. June 10, 2013

    Punch Taverns restructuring to cut £2.4bn debts faces rejection

    Punch Taverns’ new restructuring plans, aimed at reducing its £2.4bn net debt pile, face another rejection by bondholders,...

  18. May 14, 2013

    Enterprise Inns rejects government plans for pub industry

    The chief executive of Enterprise Inns has claimed that the government vastly overstated the number of complaints made...

  19. April 22, 2013

    Cable targets ‘unfair’ pub group tactics

    Vince Cable has warned that local pubs are being “driven to the wall” by the “unfair practices” of large pub companies as...

  20. April 7, 2013

    Tortoise and hare tactics pay off for brewer

    In a week when bondholders at Punch Taverns have been in open revolt, there is still part of Britain’s beer estate not in...

  21. April 5, 2013

    Punch hits out at bondholders

    The head of Punch Taverns hit out at disgruntled bondholders for not coming up with a viable alternative to the pub...

  22. April 3, 2013

    UK pub industry craves parity over tax

    George Osborne is rarely cheered when he enters a room. But one such exception occurred last week, when the chancellor...

  23. March 21, 2013

    APR boosted by rising demand for power

    APR Energy, whose backers include the former US Secretary of State Madeleine Albright, said it was doubling its turbine...

  24. March 19, 2013

    Spirit Pub Company warns on beer duty

    The chief executive of Spirit Pub Company, which has more than 1,200 pubs across the UK, called on George Osborne, the...

  25. February 21, 2013

    Punch suffers hangover after credit binge

    In late 2001, Chris Lindesay, a management consultant, decided to quit the City and become a pub tenant with his wife in...

  26. February 7, 2013

    Punch soars on debt revamp support

    Shares in Punch Taverns jumped as much as 46 per cent after the UK pub company said it had received strong signs of support...

  27. January 27, 2013

    Westhouse fails to lead by example

    Westhouse must hope that its clients do what it says, not what it does. The stock broker makes its money persuading...

  28. January 24, 2013

    No safety in numbers for IPO specialists

    Gregarious lot, investment bankers. When a company is planning a flotation it often starts off with just one lonely advisory...

  29. January 24, 2013

    Blow to Punch as chief goes to Greggs

    The chief executive of Punch Taverns has been poached to run the Greggs bakery chain, dealing a blow to the embattled pub...

  30. January 15, 2013

    Pub group shows signs of raised spirits

    Spirit’s leased pubs are showing signs of better health and should be breaking even by the end of the financial year,...

  31. January 8, 2013

    Statutory code to tackle pubco abuses

    The relationship between pub companies and publicans is to be defined in law, and an independent adjudicator appointed to...

  32. December 23, 2012

    Spirit to open pubs for Christmas lunch

    Spirit Pub Company will ensure its entire managed estate of 750 pubs – bar the odd City pub – is open for Christmas day...

  33. November 29, 2012

    Dead cat takes bounce out of FPC report

    The Financial Policy Committee, which has proposed that UK banks bolster capital by up to £50bn, is fond of thought...

  34. FT Alphaville

    November 6, 2012

    The (early) Lunch Wrap

    Good morning New York, ALPHAVILLE Quack, quack, says the post-election Congress: Excited about the election? Well, Lisa...

  35. FT Alphaville

    November 5, 2012

    Einhorn vs the Daily Mail

    Hours (well minutes) of fun courtesy of the EU. It’s the new disclosure regime for short selling, which involves the FSA...

  36. October 24, 2012

    Punch prepares to restructure debt

    Punch Taverns is squaring up for talks with bondholders to restructure nearly £2.5bn of net debt, amid a worsening...

  37. October 16, 2012

    Spirit lifts profits despite demand fall

    Value-conscious consumers eating out at their local have boosted full-year profits for Spirit Pub Company, in spite of a...

  38. September 4, 2012

    Money market funds are left floundering

    A critic of the shadow banking industry would need a heart of stone not to laugh at the plight of euro money market funds....

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