To list or not to list...

Why do companies seek a stock exchange listing? An obvious answer is to be able to throw a wider net to access funds. That, and affording investors a degree of liquidity vis-à-vis one's investment. The downside, apart from the danger of losing one's own shirt, is the legal requirement to reveal oodles of information about one's trading.

For some sectors this is nothing short of being a thoroughly irksome necessity. When I used to write about the music industry a few years ago EMI - home to the Beatles, Coldplay and the mighty Deep Purple - would occasionally concede that one or other of its star performers would be late in delivering an album, meaning budgeted revenues for a particular period would fall short. EMI's share price reacted in a predictable fashion.

At least listed pubcos don't have to contend with temperamental rock stars. But they are subject to the fickle natures of Mr and Mrs Consumer. And even assuming the delightful couple regularly turns up in one of your venues in times of economic recession, setbacks can still occur due to a series of unforeseen problems that even the best contingency planning cannot allow for - as Regent Inns, whose shares fell by nearly a fifth recently following a profits warning, would attest.

Meanwhile, banks are still willing to throw millions of pounds at private equity firms with the nous, balls and determination to buy a business, turn it round and sell it on. And on top of this they don't have to tell the world when their trading has taken a hiding.

But still pub groups want to come to the market. Looking at the recent runs of Enterprise Inns, Punch Taverns, Greene King, Marston's, etc, this is hardly surprising.

How long the current boom can last before it goes bust is anyone's guess. One thing's for sure, though; there's no sign of things slowing down just yet.