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Old English Inns 'severely' hit by foot and mouth crisis
In the first sign that the foot and mouth crisis is hitting industries that are not directly connected, Old English Inns has issued a warning that it will not meet the £4.6m profits expected for the financial year ending this March. The company has said that following the outbreak of foot and mouth disease and the precautions introduced in order to limit its spread, business has been severely affected and as a result of the disease the group will not meet expectations for the current year. Yesterday shares fell by 5.5 pence to a 12-month low of 76 pence after the warning of not meeting profit expectations was issued. Old English Inns Chief executive, Colin Mayes, is reported in the Daily Mail as commenting: The loss of Cheltenham was one blow. I was full of expectations that this year we would make some real progress. This has put a bullet right through it. The company says research has shown that over 50 per cent of its leisure guests come for walking activities - the sector hardest hit by the crisis. Old English owns 164 pub-restaurants and inns across the UK. Additionally, press speculation is mounting as to whether the foot and mouth crisis could affect the mathematics of the recent Whitbread pub estate sale to Morgan Grenfell Private Equity.
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