Punch Taverns nearing the end of restructuring fight

SECURE noteholders of Staffordshire pubco Punch Taverns have given their consent to the company’s plans to restructure its debt arrangements.

At a series of general meetings, Punch said it had received the go-ahead from the noteholders to proceed with the restructuring arrangements.

Punch has spent much of the summer trying to convince a group of shareholders fearful of equity dilution that the restructuring of its Punch A and Punch B securitisations is vital if it is not to default on its loans.

Following the overwhelming support for the plans, Punch said the final hurdle before the restructuring can be implemented rested with the banks as they were the main creditors.

It said completion of the arrangements was subject to the consent of The Royal Bank of Scotland (classed as a liquidity facility provider to the Punch A and Punch B securitisations and provider of hedging arrangements to the Punch A securitisation) and Lloyds Bank (a liquidity facility provider to the Punch A securitisation).  

Punch said it remained in talks with the banks in order to obtaining the consent it needed.

Subject to clearance, Punch said it expected the closing date of the restructuring would be October 8, 2014.

Improving economy lights up performance of F W Thorpe

WORCESTERSHIRE lighting manufacturer F W Thorpe has credited the improving economy for its announcement of its announcement of record full year revenues.

The Redditch-based company designs, manufactures and supplies professional lighting systems for the specification market.

For the year ended June 30, 2014, revenue rose 13.8% to £62.9m (2013: £55.3m), while pre-tax profit increased 7.8% to £12.4m (2013: £11.5m).

Basic earnings per share rose 7.4% to 8.72p (2013: 8.12p) and the company has recommended a dividend of 3.25p (2013: 3.00p).

Chairman Andrew Thorpe said all the companies within the group had seen an improved year.

“Our results have been assisted by an improved national economic climate but this should not overshadow the work done within to offer our existing customers greater choices in market leading lighting products and systems and the instigation of new and improved marketing techniques to root-out more new customers both within our normal market areas and beyond,” he said.

Exports accounted for 13% of group turnover, an increase in value of 3% over last year, with more of the smaller group companies dipping their toes into international waters for the first time.  
 

Board change on the cards at Marston’s

WOLVERHAMPTON-based brewer and pubco Marston’s has announced that Rosalind Cuschieri is to retire from the board at the conclusion of the company’s Annual General Meeting in January 2015.

Ms Cuschieri has served as a non-executive director since 2006 and is currently a member of the Audit, Remuneration and Nomination Committees.
 
Roger Devlin, Marston’s chairman, said: “On behalf of the board, I would like to thank Roz for the contribution she has made over the last eight years. Her marketing insight and commercial experience in the retail sector have been invaluable to the company and I am grateful for the support she has provided. We wish her every success for the future.”