Oct 13, 2020

Last orders loom for big indebted pub groups

On the face of it, the most affected of the UK's listed national inn groups are Marston's, JD Wetherspoon and M&B. It looks like last orders. All three groups are loaded with debt, which even last year was many times ebitda. Pub earnings of many groups will barely cover interest bills this year. Liberum reckons the traditional pub has a hero status in local communities that will endure through tough times. Analysts are all excited about a potential Nanopore IPO. Jefferies' Ken Rumph reckons the company could be worth $6bn. Talk of a float last year was premature, everyone now agrees, since the company needed more time to demonstrate commercial applications of its biotech and that it could earn recurring revenues.

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