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Morning Briefing for pub, restaurant and food wervice operators

Tue 14th Apr 2015 - Update: NewRiver's Marston's portfolio, Enterprise, easyHotel
NewRiver Retail – Marston’s pub portfolio performing well: Property firm NewRiver Retail has reported that the 202 pubs it bought from Marston’s for £90m in November 2013 is performing well as it progresses plans to create convenience stores. It stated: “The final quarter of the financial year has seen a major acceleration in progress across the company’s pub portfolio. A number of planning applications were submitted to meet targets that were set for the delivery of the company’s development programme and the first planning permissions have been successfully secured in several locations. The progress follows the Agreement for Lease with The Co-operative Group Limited in September 2014 to lease 63 new convenience stores from the portfolio. The current portfolio Ebitda is performing above the guaranteed income received from Marston’s by 2.08%. The company continues to register strong interest from national retailers seeking to expand their footprint by growing their convenience store penetration, which is ideally suited for the potential alternative use identified at the time of the original portfolio purchase.” 

Geof Collyer – Enterprise could be worth 116% more than current share price: Deutsche Bank leisure analyst Geof Collyer has published a bullish note on the prospect for Enterprise Inns as it seeks to take a more pro-active property role ahead of the introduction of the Market Rent Only option. Issuing a price target of 215p, he stated: “Recent legislative changes that introduce a free-of-tie option for licensees change the commercial basis of the tenanted and leased pub market. Our analysis suggests that Enterprise should be able to offset any negative profit pressures, and that its evolving strategic responses will lead to eventual profit upgrades. We think that the potential changes should convert Enterprise into a more proactive, commercially minded property manager that could also encompass a partially owned REIT and a managed pub division alongside the traditional tenanted estate. We have tweaked up our price target by +5% to 215p, and remain confident that the share price should double from here. Our overriding conclusion is that Enterprise will emerge as a much more vigorous property manager, with more control over its business, and achieving a greater proportion of its tenanted and leased income from fixed rent. All of this should combine to narrow the current 65% Net Asset Value discount that the shares are trading on: a 10% ppt reduction would be worth +30p per share. Our analysis suggests that a ‘Sum-of-the-Pubs‛ valuation for Enterprise as a tenanted & leased pub business, incorporating a managed pub division and a partially demerged REIT could be worth +116% more than the current share price.”

easyHotel hires chief financial officer: easyHotel, the owner, developer, operator and franchisor of “super budget” branded hotels, has hired Marc Vieilledent as Chief Financial Officer, with effect from 5 May 2015. He joins the company following 16 years at Accor, where he worked until 2013, with his most recent role being executive vice president of asset management. As a member of Accor’s executive committee, Marc was responsible for strategy, real estate and M&A between 2010 and 2013. Between 2003 and 2010 he held the role of senior vice president in charge of corporate finance and real estate for Accor. Jan Astrand, chairman, said: “We are delighted that Marc has agreed to join us. Marc brings not just a strong hotel background, but also extensive experience in property. He also adds international operating experience, which combines well with our international brand and will help with the rollout of more easyHotels internationally, as well as in the UK.”

SABMiller executive to step down: Tony van Kralingen, SABMiller group director of integrated supply and human resources, and a member of the group’s executive committee, intends to retire from SABMiller at the end of December 2015.He joined the group in South Africa in 1982 and has held a number of senior positions, including operations director, and marketing director at SAB Ltd, chairman and managing director of Plzenský Prazdroj a.s., the brewer of Pilsner Urquell, in the Czech Republic from 1999 to 2003, and chairman and managing director of SAB Ltd from 2003 to 2008, before relocating to the UK in his current position, where he is responsible for group procurement, technical and research and development, and human resources. Alan Clark, chief executive, said: “I must express my sincere gratitude to Tony for 33 years of outstanding contribution to SABMiller, and in particular for the past 12 years, in which he has served with distinction as a member of SABMiller’s executive committee. His remit has expanded significantly at times of significant challenge for the organisation. His leadership of technical, brewing, procurement, distribution and planning and of the HR function have broken new ground and significantly enhanced the value, standards, capabilities and competitiveness of our business. He will be a loss to the group, but I fully respect his wish to retire at this point. He leaves a fantastic legacy and will remain a true friend.” Tony van Kralingen said: “SAB and SABMiller have been like an extended family to me for over three decades. I have made many enduring friendships and have been provided with many wonderful opportunities and challenges during a time of pioneering growth. SABMiller is a world-class business with a great future. I hope that as a temporary custodian of those businesses and functions which I’ve had the honour to lead, I have left them in good shape for the next phase of SABMiller’s transformation and growth.” Clark intends to split van Kralingen’s remit into two new positions on SABMiller’s executive committee. International searches have been commissioned for both roles: director, integrated supply; and director, human resources.

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