UK: Belhaven to spend GBP 2 million on rebuilding its pubs
Belhaven, Scotland's biggest independent brewer, is planning to spend GBP 2 million on rebuilding its pubs to comply with the smoking ban which is due to come into force next year, Business Scotsman posted on June 5.
Belhaven, led by chief executive Stuart Ross, will tomorrow unveil record profits for the 14th successive year and analysts forecast a surplus of GBP 17.2 million for the year to March.
The only cloud on the Dunbar-based brewer's horizon is the Scottish Executive's ban on smoking in public places, which will come into force at the start of its next financial year.
Ross has chosen to tackle the issue head-on with a programme of improvements to its 260-strong pub estate. Changes range from new beer gardens to free-standing branded ashtrays designed to withstand the worst weather.
Belhaven's share price was hit last year when the Executive took a tough line on smoking in pubs.
The shares have picked up since, partly because Belhaven has been seen as a potential acquisition target for rivals such as Greene King, Wolverhampton & Dudley or even Scottish & Newcastle.
Belhaven is expected to add between 150 and 200 pubs to its estate over the next five years. Alan Millar, an analyst at Arbuthnot Securities, said the smoking ban could make the company's job easier: "If pub prices were to fall on the back of trading fears, this could present an opportunity to pick up desirable properties at a lower price."
The company is tomorrow expected to reveal a 17% increase in pre-tax profits to just over GBP 17 million on turnover up by 16%, at around GBP 110 million.
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