Smoking ban leaves pubs worse for wear
One year ago, the smoking ban - a law some said would devastate Britain’s pubs - came into place.
Punch Taverns
Britain’s largest landlord has had a rotten year. Its shares have collapsed by 70% as beer sales fell 10% with total like for like sales 3% worse and halfyear profits down 20%. Falling volumes and customer numbers have come at a time of rising energy and food costs.
Enterprise Inns
The sprawling tenanted and leased pubs chain includes many thousands of country locals, which have had to work harder to repair the trade of the lost bar-propping smoker. Its shares have fallen 35% in a year - not as much as others because of a likely change in tax status to a real estate which will boost to shareholder dividend payments. Latest reports talk of an upturn in trade, though profits have been falling more than 10%.
Marston’s
Best known for its Pedigree bitter, its pubs include some stalwarts of the City as well as the Pitcher & Piano chain. With the shares more than halved in a year and the latest figures showing profits down by almost 20%, ‘resilient’ was the best that chief executive Ralph Findlay could come up with when comparing his bars with the competition.
JD Wetherspoon
Its shares have cratered 60% since the fag ban, despite it leading the way by banning smoking in much of its estate even before it had to.
