Dawney Day Corporate Finance has built a 13% stake in nightclub company Ultimate Leisure. Last year, Dawney Day built up a sizeable stake in Yates Group before selling it to GI Partners for 142p a share. "Dawney Day seems to be astute at spotting under-valued asset-backed businesses," one source said.
Griffiths replacing Brook at Punch
Former InnSpired chief executive Peter Brook is leaving Punch after helping to integrate the two businesses. He is being replaced as property and strategy director by Neil Griffiths, who was previously estates director (south). Chief executive Giles Thorley said: "Peter has been invaluable to Punch in advising us on the selection and integration of those pubs within the InnSpired estate that we retained."
JDW continues shares buyback
Managed operator JD Wetherspoon paid the highest price for its own share this year when it bought 150,000 of its own shares at 271.25p per share last Wednesday. The share buyback, which cost over £406,000, means it has bought nine million of its own shares since March.
Barracuda adds new pubs
Barracuda has opened its 157th pub, the Cutting Room in Wellingborough, Northamptonshire, under its Smith & Jones brand. This latest opening brings the total number of Smith & Jones pubs across the country to 73. The group has 12 more openings planned before the end of September, including two sites in Scotland.
Mellor eyes third site in Newcastle
Tokyo Industries, the nightclub company founded by Aaron Mellor, is rumoured to be planning its third opening in Newcastle. Mellor, who used to work with Ultimate boss Bob Senior, already owns Tokyo and Stereo in the city as well as four sites elsewhere. This month Mellor plans to open Tokyo Huddersfield, a £2m venue that occupies the site of a freehold pub Mellor acquired from Laurel at the end of last year. The outlet featuring two outdoor terraces and four bars over three floors is an 1820s grade-II-listed former courthouse.