'Falling earnings could force more landlords to close pubs'

Britain's biggest pub owners face cash-flow problems in the next few years as they wrestle with high debt levels and falling earnings, credit-rating agency Moody's has warned. "Moody's is concerned over the medium-term cash-flow generation ability of the two biggest pubcos, Enterprise Inns and Punch Taverns, relative to their outstanding debt levels in light of the challenging trading environment," the agency said. The companies' credit positions are also likely to worsen because it will be difficult to pay back debt at the same pace that earnings are falling, Moody's said - Daily Telegraph ​

A loophole which allows bars and restaurants to use service tips to bring staff pay up to the minimum wage will be effectively closed from tomorrow, Lord Mandelson said today. The move coincides with a rise in the national minimum wage, which will increase by 7p an hour from tomorrow to £5.80 and by 6p to £4.83 for 18- to 21-year-olds - rises that will benefit up to 1m people - The Guardian ​

Labour finally admitted 24-hour drinking was 'not working' yesterday as Gordon Brown promised effectively to dismantle the hugely controversial policy. A law will be passed to give councils the power to impose blanket bans on round-the-clock or late serving in town centres and streets blighted by violence. Town halls will also be given powers to strip late-closing pubs of their licence, removing the requirement that they must have first received a complaint from residents or the police - Daily Mail ​

A syndicate of pub regulars has scooped the jackpot of £4.5m in Saturday's lottery draw after they ditched the numbers they had played consistently for the past 15 years and opted instead for a lucky dip - Scotsman ​

Pub-goers in Surrey are paying more for their pint than anywhere else in the UK, at an average of £3.01 a time, according to a new survey. The Good Pub Guide found Surrey drinkers were paying more than in London, where the average was £2.90 - BBC News ​