SFI has emerged as new favourite to buy Slug & Lettuce.
Slug & Lettuce had been hoping to merge with Po Na Na but the Financial Times says the new entrant appeared to be in a stronger position because SFI said any offer would be likely to include a cash element. Analysts say the synergies between the two make more sense. A potential deal is estimated at £25m-£30m. The Guardian speculates Yates Wine Lodges and Regent Inns could enter the battle.
Po Na Na meanwhile hopes to use £3.5m of £5m raised through a placing from a move to the Alternative Investment Market to fund the purchase and refurbishment of seven night clubs from Luminar.
Financial Times 22/06/00 page 28
The Daily Telegraph 22/06/00 page 37
The Times 22/06/00 page 29
The Guardian 22/06/00 page 28
