Pubs 'n' Bars issues profits warning
Community pubs group Pubs 'n' Bars has issued a profits warning following a 17% drop in shares.
Community pubs group Pubs 'n' Bars has issued a profits warning following a 17% drop in shares.
The group, which owns 110 pubs mainly across the south of England, has blamed a drop in consumer spending in the on-trade and continued cut-price deals in supermarkets on a "negative effect on current trading".
The group said in a statement that profits would not meet expectations for the year end December 31 2008. In the statement, it said: "The current economic environment contributing to reduced consumer spending and exacerbated by cut price alcohol supermarket sales has had a negative effect on current trading.
"In addition, increased finance costs and higher operating costs, has led the directors to believe that profit before tax will be below current market expectations."
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56-58 Church Walk, Burgess Hill, West Sussex, RH15 9AN
Registered in England No. 6646125. VAT No. 938 4452 95
