Spirit rejects C&C Group approach: Spirit Pub Company has confirmed that it has received a preliminary approach from drinks company C&C Group but reviewed the proposal and rejected it. Media reports suggested an offer of 115p a share was tabled by C&C Group, with at least a third in cash. Spirit stated in a stock market announcement just before 6pm: “In accordance with Rule 2.6(a) of the Takeover Code, C&C will have until 5.00pm on 20 November 2014 (or such later time and/or date as may be agreed by the Takeover Panel) to announce either a firm intention to make an offer for Spirit or that it does not intend to make an offer. This statement is being made by Spirit without the prior agreement or approval of C&C. There can be no certainty that an offer will be made nor as to the terms on which any offer might be made.” The decision by Spirit to reject the C&C Group approach leaves Greene King in pole position with the Spirit board conditionally backing its 109.5p offer (with 8p in cash) made this week, which would leave Spirit shareholders owning 29% of the merged company, operating around 1800 managed pubs and 1,300 tenanted sites. The Greene King offer values Spirit's equity at £723m with Spirit shareholders able to benefit from synergies from merging the two companies. C&C Group has no pub estate. The C&C Group offer may have ben flushed out by the Spirit Pub Company results presentation this week which made it clear that the company has 100 sites within the estate that are uninvested. growth potential for a number of its brands and 37% of its leased estate that would benefit from investment. Spirit reported a 4% increase in Ebitda to £159m in the year to 23 August.

Elysium Group to open £5m Hudson Bar and Grill tomorrow: Elysium Group, the Essex-based boutique restaurant, club and bar operator, is opening the £5m river front Hudson Bar & Grill, on the site of The River Lodge pub in Middleborough, Colchester tomorrow. It offers the XV Members lounge and a steak restaurant called Steak etc on its top floor. Elysium Group’s formal planning application for the scheme last year stated: “The proposed development will deliver much needed quality hotel accommodation, which will benefit the town’s tourism industry, as well as bringing a positive contribution to the immediate area and the Colchester economy as a whole and as a catalyst for the Colchester North Station master plan.” Elysium was founded by entrepreneur Ash Afzalnia in 2000, when he opened a small coffee shop. It runs six outlets, including the “tropical beach bar” Waikiki and the Qube bar, both in Colchester.