'Citigroup warns of a grim night out at the pub for years'

Citigroup has predicted trading for the industry is likely to continue deteriorating as shares tumbled on Punch Taverns, Enterprise Inns, Mitchell & Butlers and Greene King. "We believe the proximity to restrictive cash flow tests means shareholders may have no rights on some cash flows for years if trading deteriorates, even if a covenant breach is averted," it said - The Daily Mail​

Punch Taverns suffered another blow yesterday to become the FTSE 100's worst performer after shares fell by 14 per cent, tumbling by 10.5p to 65.75p. RBS moved the shares from "buy" to "hold" and warned the group would have to use its cash flow to repay debt. Citigroup also downgraded the company's ratings from "hold" to "sell" - The Guardian​

Brewer Scottish & Newcastle will be able to import, market and distribute Tiger Beer in Britain under an exclusive new contract. Tiger Beer is made by Asia Pacific Breweries and was previously distributed in Scotland, England and Wales by Tiger Beer UK, a company set up by APB in 2005 - The Scotsman​

Retail giant Tesco has revealed that it had its worst Christmas trading in 15 years. Over the festive period the chain's like-for-like sales, which strips out gains from new stores opened in the seven weeks to January 10, rose by 2.5 per cent, the smallest rise in Christmas sales since 1993 - The Times​

Marston's, which runs 2,250 pubs including the Pitcher & Piano chain, has revealed the cost of debt on its new loan has risen from 6.1 per cent to 6.3 per cent. In August 2010 the size of the facility will fall from £400 million to £250 million. - Reuters​

Wetherspoons has the biggest refinancing hurdles in the industry according to Deutsche Bank AG, which cut shares in the chain from "sell" to "hold". The shares rose 4.5 pence, or 1.4 percent, to 316 - Bloomberg​