UK shares continueto slide
SHARE prices in the leisure and hotels sector have continued to tumble. Doubts over future consumer expenditure, in the light of economic slowdown in the USA and Far East, could be filtering through to the UK, hitting share prices in pubs and restaurants.
Most hotel shares were also dented, despite upbeat trading figures from Stakis last week.
It is rumoured that Stakis, up 0.9%, may revive its bid for Vaux hotels. Meanwhile, Vaux's acquisition of Hotel Nelson in Norwich for £11.25m has placed a question mark over its intentions to dispose of its Swallow hotels. An answer from Vaux is expected in September.
Thistle's shares continued to slide, to 215.5p. The group is expected now to enter into detailed negotiations, having narrowed down bidders to two.
Rank bucked the trend with a 11.9% shares jump. The surge is linked to speculation that US venture capital funds were preparing a £3m hostile bid, rather than to the group's interim results out this week.
