Glenview Capital Reduces Spirit Pub Stake ~ market folly

Friday, January 11, 2013

Glenview Capital Reduces Spirit Pub Stake

Larry Robbins’ hedge fund, Glenview Capital, has been steadily reducing its position in  London listed Spirit Pub Company (LON: SPRT). When Spirit was spun off from Punch Taverns (LON:  PUB) in May of last year, Glenview held 18.37% of Spirits voting rights. Due to selling in July, August,  November and now January, Glenview now hold only 11.7%.

Despite the selling, Glenview are still Spirit’s largest shareholder.  Glenview has not sold any of their Punch Taverns stake though, which stands at 18.77%. It seems Robbins prefers the Punch Taverns side of the business. 

Also worth noting: Glenview has a large holding in rival London listed pub group, Enterprise Inns (LON: ETI)  where they hold 12.27% of voting rights. 

Glenview had a big year in 2012 as they returned almost 30% in their main fund.  Robbins has made a big bet on many hospitals and we've highlighted his other recent portfolio activity here.

Per Google Finance – “Spirit Pub Company is a United Kingdom-based company. As of July 1,  2011, the Company’s business comprised the managed pub business and the leased pub business  comprising, 803 managed pubs and 549 leased pubs, which were carried on within the Punch  Group by Spirit Pub Company (Holdco) Limited and its subsidiaries. In April 2011, Punch Taverns plc  announced its plans to demerge its Managed business to create a business, Spirit Pub Company.”

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