Investors' Chronicle Pubs' winter rally, buy-to-let & Oxford Nanopore: The Companies and Markets Show
Jan 16, 2026
Mark Robinson, an equity commentator, dives into the pub sector's surprising recovery, focusing on festive sales and upcoming changes in business rates. Holly McKechnie, a housing market journalist, discusses the implications of the Renters' Rights Act and its potential burden on landlords, addressing trends in buy-to-let properties. Julian Hofmann, a financial journalist, sheds light on Oxford Nanopore's recent return to revenue growth, driven by demand in clinical and biopharma divisions, and outlines its ambitious roadmap to profitability.
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Festive Trading Drives Pub Profits
- Pub companies reported stronger-than-expected Christmas trading with like-for-like sales up around 8% over key festive periods.
- December can account for 10–12% of sales and up to 25% of annual profits, so a good festive season materially boosts results.
Business Rates U-Turn Could Help Pubs
- The government appears poised to soften or reverse the business rates increase, with pubs likely to be a primary focus.
- Calculations are complex (rateable values etc.), but a policy tweak could materially ease cost pressure for pubcos.
Activist Push Misaligned With Marston's Debt
- Activist pressure at Marston's calls for buybacks, dividends and board changes despite the company's high leverage and weak cash after financing costs.
- With leverage around 4.6x and only ~3% activist stake, forcing returns may be impractical or harmful to debt reduction plans.