TABLE OF CONTENTS

1. EXECUTIVE SUMMARY 1 2. INTRODUCTION 5 2.1 Definitions 6 2.2 Methodology 7 2.3 Abbreviations 7 2.4 Market Positioning 8 2.5 UK Economy 9 2.6 Market Factors 13 3. MARKET SIZE AND TRENDS 16 3.1 Chapter Summary 17 3.2 Market Size 18 3.3 Market Segmentation 21 3.3.1 Type of Ownership 21 3.3.2 Type of Public House 23 3.3.3 Sales by Product 26 3.3.4 New Legislation 30 3.4 Regional Analysis 33 3.5 Seasonal Analysis 35 3.6 Market Trends 36 3.6.1 Facilities 36 3.6.2 Demographics 38 3.6.3 Alcohol Consumption 39 3.6.4 Employment 41 4. INDUSTRY STRUCTURE 43 4.1 Chapter Summary 44 4.2 Industry Development 44 4.3 Company Profiles 46 4.3.1 Admiral Taverns 47 4.3.2 Daniel Thwaites 48 4.3.3 Mitchells & Butlers 50 4.3.4 Enterprise Inns 52 4.3.5 Greene King 53 4.3.6 JD Wetherspoon 55 4.3.7 Laurel Pub Co 56 4.3.7.1 Yates Group 58 4.3.8 Punch Taverns 60 4.3.8.1 Punch Taverns (PML) 62 4.3.8.2 Innspired Pubs 63 4.3.9 Regent Inns 64 4.3.10 Scottish & Newcastle 66 4.3.11 Marston’s (formerly The Wolverhampton & Dudley Breweries) 68 5. FORECAST 71 5.1 Chapter Summary 72 5.2 Market Size 73 5.3 Market Segmentation 75 6. FURTHER SOURCES & CONTACTS 79 6.1 Trade Associations 80 6.2 Trade Magazines 80 6.3 Trade Exhibitions 82

LIST OF TABLES

1: Number of Public Houses in the UK, 2005-2009 18
2: Turnover of Public Houses in the UK, 2005-2009 20
3: Average Turnover per Public House in the UK, 2005-2009 21
4: Number of Brewery, Pub Company and Independently Owned Public Houses in the
UK, 2005-2009 22
5: Number of Brewery Owned Public Houses in the UK, by Type of Ownership, 2005-2009 23
6: Number of Pub Company Owned Public Houses in the UK, by Type of Ownership,
2005-2009 23
7: Turnover of Public Houses in the UK, by Product, 2005-2009 30
8: Number of Public Houses in England and Wales, 2005-2009 33
9: Number of Public Houses in Scotland, 2005-2009 33
10: Number of Public Houses in Northern Ireland, 2005-2009 34
11: Regional Analysis of Public Houses Turnover in the UK, by Region, 2009 35
12: Analysis of Seasonal Turnover of Public Houses in the UK, by Quarter, 2005-2009 36
13: Facilities Offered in Public Houses in the UK, 2008 37
14: UK Population, by Age Group, 2006-2016 39
15: Consumption of Alcohol in the UK, by Type, 2005-2009 39
16: Employment in Public Houses and Bars in the UK, 2005-2009 41
17: Analysis of the Financial Structure of the Bars & Public Houses in the UK, by Turnover, 2007 and 2008 45
18: Analysis of the Employment Structure of the Bars & Public Houses Industry, 2007 and 2008 45
19: Key Financial Ratios for Admiral Taverns (Portfolio No 3), 2006 48
20: Key Financial Ratios for Admiral Taverns Holdings, 2007 48
21: Financial Analysis of Daniel Thwaites, 2005-2009 49
22: Key Financial Ratios for Daniel Thwaites, 2005-2009 50
23: Financial Analysis of Mitchells & Butlers, 2004-2008 51
24: Key Financial Ratios for Mitchells & Butlers, 2004-2008 51
25: Financial Analysis of Enterprise Inns, 2004-2008 52
26: Key Financial Ratios for Enterprise Inns, 2004-2008 53
27: Financial Analysis of Greene King, 2004-2008 54
28: Key Financial Ratios for Greene King, 2004-2008 55
29: Financial Analysis of J D Wetherspoon, 2004-2008 56
30: Key Financial Ratios for J D Wetherspoon, 2004-2008 56
31: Financial Analysis of Laurel Pub Company, 2003-2007 57
32: Key Financial Ratios for the Laurel Pub Company, 2003-2007 58
33: Financial Analysis of Yates Group, 2002-2006 59
34: Key Financial Ratios for Yates Group, 2002-2006 59
35: Financial Analysis of Punch Taverns, 2004-2008 61
36: Key Financial Ratios for Punch Taverns, 2004-2008 61
37: Financial Analysis of Punch Taverns (PML), 2003-2007 62
38: Key Financial Ratios for Punch Taverns (PML), 2003-2007 63
39: Financial Analysis of Innspired Pubs, 2002-2006 63
40: Key Financial Ratios for Innspired Pubs, 2002-2006 64
41: Financial Analysis of Regent Inns, 2004-2008 65
42: Key Financial Ratios for Regent Inns, 2004-2008 66
43: Financial Analysis of Scottish & Newcastle, 2003-2007 67
44: Key Financial Ratios for Scottish & Newcastle, 2003-2007 68
45: Financial Analysis of Marston’s, 2004-2008 69
46: Key Financial Ratios for Marston’s, 2004-2008 69
47: Forecast Number of Public Houses in the UK, 2010-2014 74
48: Forecast Turnover of Public Houses in the UK, 2010-2014 75
49: Forecast Average Turnover per Public House in the UK, 2010-2014 75
50: Forecast Segmentation of Public Houses, by Type of Ownership, 2010-2014 76
51: Forecast Turnover of Public Houses in the UK, by Product, 2010-2014 77