Total remuneration to the board of executive and non-executive directors at Wolves & Dudley Breweries (W&DB) increased by just over 30% to £1,927,890 in the year to 2 October 2004, according to the company's annual report. Chief executive Ralph Findlay emoluments added up to £509,754 (up from £378,105 the year before). Other executive directors emoluments were: Pathfinder managing director Derek Andrew £346,188 (up from £280,951 the year before); Union managing director Stephen Oliver £302,603 (up from £229,547); Brands managing director Alistair Darby £273,053 (up from £169,144); and finance director Paul Inglett £298,105 (up from £218,293). Company sources indicated that increases were not as large as they appear since both Paul Inglett and Alistair Darby did not serve a full year on the board in the previous year. Another executive director, Derek Andrew, had received compensation for giving up 50% of his notice period to fall in line with other directors. "We are content as a public limited company that all remuneration is transparent and approved by shareholders," a spokesman said.
S&N buys stake in United Breweries
Scottish & Newcastle (S&N) is to acquire up to 37.5% of the equity stake in Kingfisher beer owner United Breweries, India's biggest brewer. The deal, valued at £54.6m, will see S&N exercise joint management control with a group of shareholders led by United Breweries chairman Dr Vijay Mallya. S&N already has a 40% stake in Millennium Alcobev, a joint venture it set up with United Breweries in May 2003. The Indian beer market is growing at the rate of 9% a year.
Laurel completes Laurel acquisition
Robert Tchenguiz has completed the acquisition of high-street bar operator Laurel. Laurel's 160-strong estate is now operated by Laurel Pub Bidco Limited, an R20 company Tchenguiz's investment organisation in a deal worth £151m plus around £12m in fees and other costs. Julian Sargeson takes up the position of chief executive officer, with Chris Hutt appointed to the role of non-executive chairman both worked together at Wizard Inns. "It is our intention to continue to build on the strengths of the Laurel operation," said Sargeson. "What the team in Laurel have achieved over the last few years, is a credit to their professionalism and determination to be the best business on the high street." The estate holds many premium sites in cities and towns across the country. The sale of the business was overseen by outgoing chief executive Ian Payne, who has stepped down from Laurel.
Celtic Inns expansion continues
Pub company Celtic Inns has made its first acquisitions with its newly-arranged financial package, investing more than £1m with the purchase of three pubs in Wales and Bristol. In Wales, it has acquired the Penndragon in Oak Street, Abertillery the former Abertillery Rugby Club and the Belle Vue in Tredegar. The company has also bought its fourth pub in the South West, the Masons Arms in Lawrence Weston, Bristol, a city it is targeting as a centre of development outside Wales. The pubs have all been acquired from private owners, and tenants are now being recruited. The purchases brought the total number of acquisitions in 2004 to nine, with others in the pipeline as Celtic Inns seeks to build an estate of 100-plus tenanted community pubs in the next three years.
Directorial changes at Punch Taverns
Punch Taverns property director Deborah Kemp is moving sideways to become the company's third operations director. Peter Brook, the chief executive of InnSpired, which was acquired by Punch last year, will take up the position of property and strategy director. Punch Taverns chief executive Giles Thorley said: "Punch has more than doubled its estate in the last 18 months and in order to maintain our high levels of retailer service and profitability we need to strengthen our operations division. We plan to invest £50m in pub refurbishments and £100m in acquisitions during 2005 and Deborah's strategic and operations experience will build on the existing expertise of operations directors Bill Walker and Andrew Thompson."