Wetherspoon to open motorway pub at 4am: JD Wetherspoon is to open its new outlet in Beaconsfield motorway service station next Tuesday, 21 January, with the creation of 120 new jobs. The new premises will be open from 4am until 1am seven days a week, licensed from 9am. The company has spent £1.18 million developing the outlet at the Extra Motorway Service Area, located adjacent to Junction 2 of M40 Motorway. The Wetherspoon outlet, The Hope and Champion, is to be managed by Steve Baldwin. The Hope and Champion will serve a wide range of non-alcoholic drinks, plus tea and coffee with free refills (until 2pm), which will be priced below the company average to reflect the location of the premises, as well as real ale from local and regional brewers. It is designed on two floor levels with picturesque views over the lake and woodlands to the southwest. There is an external rear terrace, as well as internal and external customer seating areas. There is also pavement cafe style area to the front of the premises, where smoking will be permitted in a designated area. Photos, local history, artwork and information boards relating to the history and characters of the area will be displayed throughout the premises. Among the commissioned artwork pieces, by local artists, are a limited edition print, from an original painting by Christine Bass, entitled ‘Near Ivinghoe Beacon’ and an original oil on canvas by Kate Noble, entitled ‘All Roads Lead to Somewhere’. Manager Steve Baldwin said: “Myself and my team are looking forward to welcoming customers into The Hope and Champion. The Extra Motorway Service Area, now including The Hope and Champion, primarily serves the Motorway users, but its facilities are also available to the surrounding community from the local road network.”

Douglas Jack – Punch Taverns shares could be worth 35p if new bondholders terms are approved: Numis Securities leisure analyst Douglas Jack has issued a ‘Hold’ recommendation, with a price target of 16p, after today’s publication of new debt terms. He said: “The only change from the last announcement is a 200bps increase in the interest charge on £180m of junior notes in Punch A and a £112m of junior notes in Punch B. We believe this extra cost is immaterial relative to the potential re-rating upside if the Capital Restructuring is approved. The 200bps increase in the interest charge on £180m of junior notes in Punch A and £112m of junior notes in Punch B should increase the total interest cost by £6m. We have adjusted our forecasts to reflect this and now expect interest costs to be £151m next year. This extra cost is immaterial relative to the potential re-rating upside if the Capital Restructuring is approved, in our view. A successful Capital Restructuring would result in a significant reduction in financial risk via debt reduction and easier financial covenants. No further changes in terms will be made prior to bondholders voting over the next month. They have to decide whether to accept the terms or cause the company to be wound-up. Management has been very clear that the latter option could lead to a “potentially significant loss of value” for all stakeholders. We estimate that if the restructuring proposals are approved based on current terms, a share price of 35p would equate to 9.5x EV/EBITDA, still at a material discount to Enterprise Inns’ 10.7x.”