Press Release |
16 December 2013 |
Vianet Group plc
("Vianet" or "the Group")
Update on Government's Response on Pub Consultation
Vianet Group plc (AIM: VNET), the leading provider of real time monitoring systems and data management services for the leisure, vending, and forecourt services sectors, acknowledges the Department for Business Innovation & Skills' ("DBIS") latest update on the government consultation on the relationship between pub companies and tenants.
The DBIS issued a statement on 13 December 2013 announcing that the conclusion of its findings from the consultation phase of the proposed Statutory Code, originally planned for the end of this year, has been delayed, with the intention of deciding on the next steps imminently.
In addition to over 7,000 responses to the online questionnaire, there were some 1,120 written responses which were published on Friday. From our initial review of these written responses a number of factual inaccuracies and inconsistencies have been noted which the Group will seek to address with the relevant parties in the coming weeks.
Although the prolonged uncertainty is not helpful, the Board is reassured that the government appears to be carefully considering the factual evidence presented and the Group remains convinced of the strength of its case which was submitted to the DBIS, as published on the investor relations section of Vianet's website: www.vianetplc.com/investors.
Commenting on the announcement, James Dickson, Executive Chairman of Vianet, said: "The Board is confident that the unequivocal transparency which beer flow monitoring provides to the Pubco/Tenant relationship should be one part of a successful future 'common sense' solution.
"We firmly believe that an evidence based approach would demonstrate this, and note that, although the DBIS has published work by London Economics on potential pub closures arising from any Statutory Code, it has not published any evidence based research on beer flow monitoring equipment.
"Whilst it is a very unwelcome distraction, the Board is optimistic that the reasoned, evidence-based strength of the Group's argument will result in a fair outcome."
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About Vianet
The Vianet Group is focused on the provision of real time monitoring systems, data management solutions and associated products for the leisure, vending and petrol forecourt sectors. Since its Admission to AiM in 2006, the Group has grown from its core Brulines beer monitoring business both organically and through strategic acquisitions to widen its offering to pub and bar retailers with its industry leading product iDraught as well as developing new businesses in vending telemetry, gaming machine data and petrol forecourt services.
Headquartered in Stockton-on -Tees, Vianet employs more than 250 people. For further information, please visit www.vianetplc.com
