A deal to change the landscape?

Few life events are as nail-bitingly momentous as witnessing the birth of one's child.

OK, Chelsea coming back from 3-1 down against Spurs in the FA Cup recently comes close, but observing childbirth induces a bizarre mix of emotions; the unadulterated joy at the prospect of what is to come, combined with the, er, unadulterated terror at the prospect of what is to come.

Waiting for a major pub deal to materialise is of course nowhere near as life-affirming as seeing what pops out at the 'business end', but wondering when Punch Taverns will announce its 1,000 pubs' sale and to whom it has sold them has some of us on tenterhooks. Let's also not forget the 'Marston's 300'.

The Punch disposal, as and when it sees the light of day, will extensively redraw the lines of pub ownership in the UK. The grapevine has it that Admiral Taverns has already signed an exclusivity agreement on the pubs.

If Admiral wins this particular race it will emphatically confirm the group as a 'major player'.

Then again, if the pubs go to another 'newer' newcomer - Peter Brook's Dawnay Day-backed InnDeeD or London Town spring almost gazelle-like to mind - it will be vaulted into the club of the largest pub operators in the country. There is clearly much at stake here.

Question is, what will the new owner do with the pubs once they've got 'em? Plough lots of capex into the choicest sites in the portfolio? Run them all just as they are? Trade a chunk of them until an alternative use can be agreed with the relevant local authority and then reap the subsequent redevelopment rewards?

Tenants in these pubs will, meanwhile, be looking out for a continued commitment to the business partnership they've had thus far. Actions speak louder than words after all…