Socialist Appeal - Drunk in charge?

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Drunk in charge?

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By Socialist Appeal

Tuesday, 13 January 2009

The two biggest pubcos in the land, Punch Taverns and Enterprise Inns, have seen more than 70% wiped off the value of their shares. Dividends have been cancelled and concerns expressed as to their long term viability. So what happens? The chief executives of the two firms have collected long term incentive awards of £1.17m. Incentives for failure, presumably? Both bosses have laden the chains with debt, careless of the future.

Nils Pratley (Guardian 10.12.08) comments, “Punch is an extreme example of the pub industry's love affair with debt and financial complexity in recent years. The biggest six quoted operators are carrying borrowings of £14bn between them. The stockmarket ascribes a combined equity value to these companies of just £2.4bn …The MPs correctly called the use of debt ‘reckless’…they are right to be concerned: the economics of the pub industry are crazy.”

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