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.
AI Snips
Chapters
Transcript
Episode notes
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.
Assess Estate Strategy Before Buying Pub Shares
- Investors should watch sector consolidation and estate rationalisation as routes for stronger operators to gain market share.
- Review company-specific estate strategy and M&A positioning before investing in a beaten-down pubco.
Tenancy Reform Cuts Landlord Income Security
- The Renters' Rights Act ends fixed-term assured tenancies from May and forces rolling periodic tenancies instead.
- That reduces landlords' income security and makes short-notice tenant departures and court-dependent rent increases more likely.