Blame it on the weather
With S&N’s western European acquisition scheme completed, the company is looking east for prospective targets. The City of London has been abuzz with rumour that S&N would hitch up with Efes or even Carlsberg to enter eastern European markets. However, the City has also been responsible for S&N’s share price taking a bit of a tumble at the beginning of September when brokers issued downgrades for this year and next. The City thinks that the poor English summer will hit earnings, especially as concerns S&N’s key pub chain Chef & Brewer. The summer of 2000 has been the coldest summer for 51 years. The last time the UK had a bad summer was in 1998 when sales dropped 15%. S&N is believed to be getting ready to sell 500 pubs for an estimated £250 million..
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