Pub group's pounds 500m float is canned
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.GRAND Metropolitan, the drinks to fast food group, and the brewer Courage have shelved plans to float Inntrepreneur, the pub company they own writes Robert Cole.
With a projected price tag of pounds 500m the Inntrepreneur float would have been one of the summer's biggest issues.
Its postponement is further evidence that intitutional fund managers are increasing wary of investing in stockmarket newcomers.
Last week Healthcall, a medical services company, scaled back the size of its issue in response to market doubts about the potential profitablity of investing in floats.
Plans to sell Inntrepreneur appear to have foundered on price. Inntrepreneur owns 6,500 pubs and 2,000 were to be sold as an independent concern.
Inntrepreneur is an important customer for Courage. It supplies beer to half the Inntrepreneur outlets. But the deal falls away in 1998 and Courage will be attempting to negotiate longer contracts.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments