Snifter

Turner's take on M&B's Reit

Fuller's chairman Michael Turner, below, has waded into the debate about Mitchells & Butlers' (M&B) future. He told journalists at last week's results meeting he thought it was "very interesting" what was happening at Mitchells & Butlers, and contrasted it with the "long term" view at Fuller's. "There is nothing long term about a real estate investment trust (Reit), the M&B plan for the future," he said. "It's very unfortunate," said Turner. "It's not good for the industry — it's not good for consumers." Asked what

he meant, Turner added: "By definition, the operating company is bound into high-street leases. I think everybody is aware of what's happened to companies with high-street leases. The best example is Laurel, which is giving two directors to M&B."

Still new teens on the scene

Cobra founder Lord Bilimoria attaches a wistful chairman's message to the company's annual accounts. "I sometimes wonder when Cobra will stop being considered a "young" company. I started Cobra in 1989, and the first shipment of beer arrived on UK shores in 1990. That means we've only been selling beer for about 17 years and surely we're still a young company. Surely, we're still a teenager. As Cobra enters adulthood, we've got more drive and energy and ambition than ever. And even if one day we're only young at heart, we'll always brew the very best beer possible."

Heated heckle for Hodge

Tourism Minister Margaret Hodge was embroiled in a rather cross exchange with hospitality leaders at a cocktail reception on the House of Commons

terrace last week. According to one pub industry observer, Hodge flounced off after clashing with Philip Green, chairman of UKinbound, a body that attempts to attract foreign visitors to our shores. Hodge told her audience that UK hotels were too expensive and service was poor. One heckler said: "You don't know what you are talking about." She responded: "Yes I do, you are totally wrong." Green accused her Government of "high taxes disguised as green initiatives". Hodge stormed (before leaving at speed): "I came here for a pleasant summer evening on the terrace, not to be lectured." Our pub industry source says: "It was the most amazing performance I've seen given by any minister of any political persuasion."

Time flies when you're brewing

Batemans managing director Stuart Bateman has the usual self-deprecating thought on the ageing process for his tenants in the company's newsletter, Windmill Times: "Already halfway through the year. Does it go quicker as you get older, fatter

and balder? If so, next

year should take about

a fortnight."