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The Whitbread Umbrella: A Structural Response to Shareholder Activism

Published online by Cambridge University Press:  14 June 2016

JULIE BOWER
JULIE BOWER*
Affiliation:
Julie Bower is an independent scholar. She received her PhD in 2007 from the University of Warwick, funded by an Economic and Social Research Council award. During the 1990s she was a director and financial analyst at several City of London investment banks. E-mail: jandjbower@btinternet.com.
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Abstract

This article investigates a structural ownership model that is used to protect firms from unwelcome capital market intrusion: a multiple-share arrangement. It details the evolution of one of the United Kingdom’s most successful former family firms, Whitbread, in the post-World War II era. In investigating the formation and operation of the so-called Whitbread Umbrella, the study poses the question of whether it was a positive factor in long-term strategic decision making at Whitbread. The emerging popularity of multiple-share ownership structures in the United States, as well as their endurance in other jurisdictions, positions this historic analysis in wider debates on structure, ownership, and corporate governance in the finance, economics, and general management literature.

Type
Articles
Information
Enterprise & Society , Volume 17 , Issue 4 , December 2016 , pp. 874 - 903
Copyright
Copyright © The Author 2016. Published by Cambridge University Press on behalf of the Business History Conference. All rights reserved. 

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References

Bibliography of Works Cited

British Beer & Pub Association. Statistical Handbook: A Compilation of Drinks Industry Statistics. London: Brewing Publications Limited, 2012.Google Scholar
Chandler, A. D. Strategy and Structure: Chapters in the History of the American Industrial Enterprise. Cambridge, MA: MIT Press, 1962.Google Scholar
Chandler, A. D. Scale and Scope: The Dynamics of Industrial Capitalism. Cambridge, MA: Belknap Press of Harvard University, 1990.Google Scholar
Colli, A. The History of Family Business, 1850–2000. New Studies in Economic and Social History. Cambridge: Cambridge University Press, 2003.Google Scholar
Gourvish, T. R., and Wilson, R. G.. The British Brewing Industry 1830–1980. Cambridge: Cambridge University Press, 1994.Google Scholar
Haslam, C., Andersson, T., Tsitsianis, N., and Yin, Y. P.. Redefining Business Models: Strategies for a Financialized World. London: Routledge, 2013.Google Scholar
Mutch, A. Strategic and Organizational Change: From Production to Retailing in UK Brewing 1950–1990. London: Routledge, 2006.Google Scholar
Payne, P. L. The Early Scottish Limited Companies, 1856–1895: An Historical and Analytical Survey. Edinburgh, UK: Scottish Academic Press, 1980.Google Scholar
Penrose, E. T. The Theory of the Growth of the Firm. Oxford: Oxford University Press, 1959.Google Scholar
Preece, D., Steven, G., and Steven, V.. Work, Change and Competition: Managing for Bass. London: Routledge, 1999.Google Scholar
Spicer, J., Thurman, C., Walters, J., and Ward, S.. Intervention in the Modern UK Brewing Industry. Basingstoke, UK: Palgrave Macmillan, 2012.Google Scholar
Whittington, R., and Mayer, M.. The European Corporation: Strategy, Structure, and Social Science. Oxford: Oxford University Press, 2000.Google Scholar
Acar, W., Keating, R. J., Aupperle, K. E., Hall, W. W., and Engdahl, R. A.. “Peering at the Past Century’s Corporate Strategy through the Looking Glass of Time-Series Analysis: Extrapolating from Chandler’s Classic Mid-Century American Firms?” Journal of Management Studies 40, no. 5 (2003): 1225–1254.Google Scholar
Barney, J. B., Ketchen, D. J., and Wright, M.. “The Future of Resource-Based Theory: Revitalization or Decline?” Journal of Management 37, no. 5 (2011): 1299–1315.Google Scholar
Bower, J., and Cox, H.. “Regulatory Capture and Special Interest Pleading: How Scottish & Newcastle Became the UK’s Largest Brewer.” Business History Review 86 (Spring 2012): 43–68.Google Scholar
Burgelman, R. A. “A Model of the Interaction of Strategic Behaviour, Corporate Context and the Concept of Strategy.” Academy of Management Review 8, no. 1 (1983): 61–70.Google Scholar
Chandler, A. D. “Managers, Families and Financiers.” In Family Business: The International Library of Critical Writings in Business History, edited by Rose, M. B., pp. 35–63. Aldershot, UK: Edward Elgar, 1995.Google Scholar
Chemmanur, T. J., and Jiao, Y.. “Dual Class IPOs: A Theoretical Analysis.” Journal of Banking & Finance 36 (2012): 305–319.Google Scholar
Chirico, F., and Bau, M.. “Is the Family an ‘Asset’ or ‘Liability’ for Firm Performance? The Moderating Role of Environmental Dynamism.” Journal of Small Business Management 52, no. 2 (2014): 210–225.Google Scholar
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., and Certo, S. T. (2010). “Ownership as a Form of Corporate Governance.” Journal of Management Studies 47, no. 8 (2010): 1561–1589.Google Scholar
Da Silva Lopes, T. “Brands and the Evolution of Multinationals in Alcoholic Beverages.” Business History 44, no. 3 (2002): 1–30.Google Scholar
Gedajlovic, E., Lubatkin, M. H., and Schulze, W. S.. “Crossing the Threshold from Founder Management to Professional Management: A Governance Perspective.” Journal of Management Studies 41, no. 5 (2004): 899–912.Google Scholar
Gedajlovic, E., Carney, M., Chrisman, J. J., and Kellermanns, F. W.. “The Adolescence of Family Firm Research: Taking Stock and Planning for the Future.” Journal of Management 38, no. 4 (2012): 1010–1037.Google Scholar
Geppert, M., Dӧrrenbächer, C., Gammelgaard, J., and Taplin, I.. “Managerial Risk-Taking in International Acquisitions in the Brewery Industry: Institutional and Ownership Influences Compared.” British Journal of Management 24 (2013): 316–332.Google Scholar
Hannah, L. “The ‘Divorce’ of Ownership from Control from 1900 Onwards: Re-calibrating Imagined Global Trends.” Business History 49, no. 4 (2007): 404–438.Google Scholar
Hautz, J., Mayer, M. C. J., and Stadler, C.. “Ownership Identity and Concentration: A Study of Their Joint Impact on Corporate Diversification.” British Journal of Management 24 (2013): 102–126.CrossRefGoogle Scholar
Jensen, M. C., and Meckling, W. H.. “Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure.” Journal of Financial Economics 3 (1976): 305–360.Google Scholar
King, M.R., and Santor, E.. “Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms.” Journal of Banking & Finance 32 (2008): 2423–2432.Google Scholar
Lauterbach, B., and Yafeh, Y.. “Long Term Changes in Voting Power and Control Structure Following the Unification of Dual Class Shares.” Journal of Corporate Finance 17 (2011): 215–228.Google Scholar
Lazonick, W. “Innovative Business Models and Varieties of Capitalism: Financialization of the US Corporation.” Business History Review 84 (2010): 675–702.Google Scholar
Lewis, C. “The Future of British Brewing: Strategies for Survival.” Strategic Change 10, no. 3 (2001): 151–161.Google Scholar
Lippman, S. A., and Rumelt, R. P.. “Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency under Competition.” Bell Journal of Economics 13 (1982): 418–438.Google Scholar
Masulis, R. W., Wang, C., and Xie, F.. “Agency Problems at Dual-Class Companies.” Journal of Finance 64, no. 4 (2009): 1697–1727.Google Scholar
Mayer, M., and Whittington, R.. “Diversification in Context: A Cross-National and Cross-Temporal Extension.” Strategic Management Journal 24 (2003): 773–781.Google Scholar
Mayer, M., and Whittington, R.. “Economics, Politics and Nations: Resistance to the Multidivisional Form in France, Germany and the United Kingdom, 1983–1993.” Journal of Management Studies 41, no. 7 (2004): 1057–1082.Google Scholar
Mutch, A. “Allied Breweries and the Development of the Area Manager in British Brewing, 1950–1984.” Enterprise and Society 7, no. 2 (2006): 353–379.Google Scholar
Mutch, A.. “Organization Theory and Military Metaphor: Time for a Reappraisal.” Organization 13, no 6. (2006): 751–769.Google Scholar
Mutch, A.. “Improving the Public House in Britain, 1920–40: Sir Sydney Nevile and ‘Social Work.’” Business History 52, no. 4 (2010): 517–535.Google Scholar
Payne, P. L. “Family Business in Britain: An Historical and Analytical Survey.” In Family Business: The International Library of Critical Writings in Business History, edited by Rose, M. B., pp. 171–206. Aldershot, UK: Edward Elgar, 1995.Google Scholar
Peng, M. W., and Jiang, Y.. “Institutions behind Family Ownership and Control in Large Firms.” Journal of Management Studies 47, no. 2 (2010): 253–273.Google Scholar
Pinkse, J., and Slade, M. E.. “Mergers, Brand Competition, and the Price of a Pint.” European Economic Review 48 (2004): 617–643.Google Scholar
Roberts, R. “Regulatory Responses to the Rise of the Market for Corporate Control in Britain in the 1950s.” Business History 34, no. 1 (1992): 183–200.Google Scholar
Rutterford, J. “The Shareholder Voice: British and American Accents, 1890–1965.” Enterprise and Society 13, no. 1 (2012): 120–153.Google Scholar
Siebels, J-F., and zu Knyphausen-Aufseβ, D.. “A Review of Theory in Family Business Research: The Implications for Corporate Governance.” International Journal of Management Reviews 14 (2012): 280–304.Google Scholar
Sorensen, Anker. “The Florange Law Deprived of Its Main Significance by the French Conseil Constitutional in its Decision of 27 March 2014.” International Corporate Rescue 11, no. 3 (2014).Google Scholar
Van Essen, M., Carney, M., Gedajlovic, E. R., and Heugens, P. P. M. A. R.. “How Does Family Control Influence Firm Strategy and Performance? A Meta-Analysis of US Publicly Listed Firms.” Corporate Governance: An International Review 23, no. 1 (2015): 3–24.Google Scholar
Watson, K. “Banks and Industrial Finance: The Experience of Brewers, 1880–1913.” Economic History Review 49, no. 1 (1996): 58–81.Google Scholar
Wernerfelt, B. “The Resource-Based View of the Firm.” Strategic Management Journal 5 (1984): 171–180.Google Scholar
Whittington, R. “More SSOP: Commentary on the Special Issue.” Business History 53 (2011): 69–173.Google Scholar
Wiseman, R. M., Cuervas-Rodrigues, G., and Gomez-Mejia, L. R.. “Towards a Social Theory of Agency.” Journal of Management Studies 49, no. 1 (2012): 202–222.Google Scholar
Yildirim-Ӧktem, O., and Üsdiken, B.. “Contingencies Versus External Pressure: Professionalization in Boards of Firms Affiliated to Family Business Groups in Late-Industrializing Countries.” British Journal of Management 21 (2010): 115–130.Google Scholar
Zahra, S. A. “‘Harvesting Family Firms’ Organizational Social Capital: A Relational Perspective.” Journal of Management Studies 47, no. 2 (2010): 345–366.Google Scholar
Barton, D., and Wiseman, M.. “The Cost of Confusing Shareholder Value and Short-Term Profit.” Financial Times, March 31, 2015.Google Scholar
Campaign for Real Ale (CAMRA). “Wethered No More.” Hertfordshire Newsletter 109, June/July 1988.Google Scholar
Cowe, R. “Whitbread’s £2.4bn is Accepted by Allied.” Guardian, May 26, 1999.Google Scholar
Elliott, S. “Presenting the Brew That Wants to Make Manchester Famous.” New York Times, October 23, 1996.Google Scholar
Financial Times . Obituary, “Bill Whitbread: ‘Fireball’ Brewer,” November 26, 1994.Google Scholar
Hughes, J. “Hong Kong Regulator Feels Heat Over Decision on Dual-Class Shares.” Financial Times, March 24, 2015.Google Scholar
Laurance, B., and Kane, F.. “Whitbread Beer Mission May Knock Down Family Skittles.” The Guardian, September 26, 1992.Google Scholar
Martineau, J. E. Obituary, “Sir Sydney Nevile.” Journal of the Institute of Brewing 75, no. 5 (1969): 428.Google Scholar
Pain, D. “Market Report: Votes-for-All Decision Puts Pressure on Two-Tier System.” The Independent, July 16, 1993.Google Scholar
Shepherd, J. “Whitbread Puts End to Two-Tier Voting Structure: Brewing Giant Decides to Purchase Remainder of Investment Company.” The Independent, October 7, 1993.Google Scholar
Shepherd, J. “Whitbread Sells Regional Stakes: Brewer May Use 230m Pounds for Big Acquisition.” The Independent, March 11, 1994.Google Scholar
Simms, J. “Profile: Doubting Thomas.” Director, September 2001.Google Scholar
Times . Obituary, “Colonel W. H. Whitbread,” November 30, 1994.Google Scholar
Telegraph . Obituary, “Sir Charles Tidbury,” July 10, 2003.Google Scholar
Telegraph . Obituary, “Sir Michael Angus,” March 21, 2010.Google Scholar
Department of Trade and Industry. Stephen Byers Refers Whitbread Plc’s Proposed Acquisition of Allied Domecq Retailing to the Competition Commission. P/99/611.1999.Google Scholar
Monopolies Commission. Beer: A Report on the Supply of Beer. HC. 216. 1969.Google Scholar
Monopolies and Mergers Commission. Allied-Lyons PLC and Carlsberg A/S: A Report on the Proposed Joint Venture. Cm. 2029. 1992.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Allied-Lyons Plc: A Report on the Proposed Merger. Cmnd. 9892. 1986.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Grand Metropolitan PLC: A Report on the Merger Situations. Cm. 1227. 1990.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Scottish & Newcastle Breweries Plc: A report on the merger situations. Cm. 654. 1989.Google Scholar
Monopolies and Mergers Commission. The Supply of Beer: A Report into the Supply of Beer for Retail Sale in the United Kingdom. Cm. 651. 1989.Google Scholar
Nalebuff, B. Bundling, Tying and Portfolio Effects. London: Department of Trade and Industry Economics Paper no. 1, 2003.Google Scholar
Price Commission. Whitbread and Company Ltd—Wholesale Prices and Prices in Managed Houses of Beer, Wines, Spirits, Soft Drinks and Ciders. London, Her Majesty’s Stationery Office, June 12, 1979.Google Scholar
Whitbread Plc. “Whitbread to Restructure, Tighten Focus and Return value to Shareholders.” Press Release, October 19, 2000.Google Scholar
Morland & Company Ltd., History Centre, Oxford Record Office (ORO), Oxford.Google Scholar
Sir Sydney Nevile Papers and Whitbread Plc Records, London Metropolitan Archives (LMA), London.Google Scholar
Wargrave Local History Society (affiliated with Berkshire Local History Association), www.wargravehistory.org.uk/.Google Scholar
Watney Mann Ltd., London Metropolitan Archives (LMA), London.Google Scholar
British Beer & Pub Association. Statistical Handbook: A Compilation of Drinks Industry Statistics. London: Brewing Publications Limited, 2012.Google Scholar
Chandler, A. D. Strategy and Structure: Chapters in the History of the American Industrial Enterprise. Cambridge, MA: MIT Press, 1962.Google Scholar
Chandler, A. D. Scale and Scope: The Dynamics of Industrial Capitalism. Cambridge, MA: Belknap Press of Harvard University, 1990.Google Scholar
Colli, A. The History of Family Business, 1850–2000. New Studies in Economic and Social History. Cambridge: Cambridge University Press, 2003.Google Scholar
Gourvish, T. R., and Wilson, R. G.. The British Brewing Industry 1830–1980. Cambridge: Cambridge University Press, 1994.Google Scholar
Haslam, C., Andersson, T., Tsitsianis, N., and Yin, Y. P.. Redefining Business Models: Strategies for a Financialized World. London: Routledge, 2013.Google Scholar
Mutch, A. Strategic and Organizational Change: From Production to Retailing in UK Brewing 1950–1990. London: Routledge, 2006.Google Scholar
Payne, P. L. The Early Scottish Limited Companies, 1856–1895: An Historical and Analytical Survey. Edinburgh, UK: Scottish Academic Press, 1980.Google Scholar
Penrose, E. T. The Theory of the Growth of the Firm. Oxford: Oxford University Press, 1959.Google Scholar
Preece, D., Steven, G., and Steven, V.. Work, Change and Competition: Managing for Bass. London: Routledge, 1999.Google Scholar
Spicer, J., Thurman, C., Walters, J., and Ward, S.. Intervention in the Modern UK Brewing Industry. Basingstoke, UK: Palgrave Macmillan, 2012.Google Scholar
Whittington, R., and Mayer, M.. The European Corporation: Strategy, Structure, and Social Science. Oxford: Oxford University Press, 2000.Google Scholar
Acar, W., Keating, R. J., Aupperle, K. E., Hall, W. W., and Engdahl, R. A.. “Peering at the Past Century’s Corporate Strategy through the Looking Glass of Time-Series Analysis: Extrapolating from Chandler’s Classic Mid-Century American Firms?” Journal of Management Studies 40, no. 5 (2003): 1225–1254.Google Scholar
Barney, J. B., Ketchen, D. J., and Wright, M.. “The Future of Resource-Based Theory: Revitalization or Decline?” Journal of Management 37, no. 5 (2011): 1299–1315.Google Scholar
Bower, J., and Cox, H.. “Regulatory Capture and Special Interest Pleading: How Scottish & Newcastle Became the UK’s Largest Brewer.” Business History Review 86 (Spring 2012): 43–68.Google Scholar
Burgelman, R. A. “A Model of the Interaction of Strategic Behaviour, Corporate Context and the Concept of Strategy.” Academy of Management Review 8, no. 1 (1983): 61–70.Google Scholar
Chandler, A. D. “Managers, Families and Financiers.” In Family Business: The International Library of Critical Writings in Business History, edited by Rose, M. B., pp. 35–63. Aldershot, UK: Edward Elgar, 1995.Google Scholar
Chemmanur, T. J., and Jiao, Y.. “Dual Class IPOs: A Theoretical Analysis.” Journal of Banking & Finance 36 (2012): 305–319.Google Scholar
Chirico, F., and Bau, M.. “Is the Family an ‘Asset’ or ‘Liability’ for Firm Performance? The Moderating Role of Environmental Dynamism.” Journal of Small Business Management 52, no. 2 (2014): 210–225.Google Scholar
Connelly, B. L., Hoskisson, R. E., Tihanyi, L., and Certo, S. T. (2010). “Ownership as a Form of Corporate Governance.” Journal of Management Studies 47, no. 8 (2010): 1561–1589.Google Scholar
Da Silva Lopes, T. “Brands and the Evolution of Multinationals in Alcoholic Beverages.” Business History 44, no. 3 (2002): 1–30.Google Scholar
Gedajlovic, E., Lubatkin, M. H., and Schulze, W. S.. “Crossing the Threshold from Founder Management to Professional Management: A Governance Perspective.” Journal of Management Studies 41, no. 5 (2004): 899–912.Google Scholar
Gedajlovic, E., Carney, M., Chrisman, J. J., and Kellermanns, F. W.. “The Adolescence of Family Firm Research: Taking Stock and Planning for the Future.” Journal of Management 38, no. 4 (2012): 1010–1037.Google Scholar
Geppert, M., Dӧrrenbächer, C., Gammelgaard, J., and Taplin, I.. “Managerial Risk-Taking in International Acquisitions in the Brewery Industry: Institutional and Ownership Influences Compared.” British Journal of Management 24 (2013): 316–332.Google Scholar
Hannah, L. “The ‘Divorce’ of Ownership from Control from 1900 Onwards: Re-calibrating Imagined Global Trends.” Business History 49, no. 4 (2007): 404–438.Google Scholar
Hautz, J., Mayer, M. C. J., and Stadler, C.. “Ownership Identity and Concentration: A Study of Their Joint Impact on Corporate Diversification.” British Journal of Management 24 (2013): 102–126.CrossRefGoogle Scholar
Jensen, M. C., and Meckling, W. H.. “Theory of the Firm: Managerial Behaviour, Agency Costs, and Ownership Structure.” Journal of Financial Economics 3 (1976): 305–360.Google Scholar
King, M.R., and Santor, E.. “Family Values: Ownership Structure, Performance and Capital Structure of Canadian Firms.” Journal of Banking & Finance 32 (2008): 2423–2432.Google Scholar
Lauterbach, B., and Yafeh, Y.. “Long Term Changes in Voting Power and Control Structure Following the Unification of Dual Class Shares.” Journal of Corporate Finance 17 (2011): 215–228.Google Scholar
Lazonick, W. “Innovative Business Models and Varieties of Capitalism: Financialization of the US Corporation.” Business History Review 84 (2010): 675–702.Google Scholar
Lewis, C. “The Future of British Brewing: Strategies for Survival.” Strategic Change 10, no. 3 (2001): 151–161.Google Scholar
Lippman, S. A., and Rumelt, R. P.. “Uncertain Imitability: An Analysis of Interfirm Differences in Efficiency under Competition.” Bell Journal of Economics 13 (1982): 418–438.Google Scholar
Masulis, R. W., Wang, C., and Xie, F.. “Agency Problems at Dual-Class Companies.” Journal of Finance 64, no. 4 (2009): 1697–1727.Google Scholar
Mayer, M., and Whittington, R.. “Diversification in Context: A Cross-National and Cross-Temporal Extension.” Strategic Management Journal 24 (2003): 773–781.Google Scholar
Mayer, M., and Whittington, R.. “Economics, Politics and Nations: Resistance to the Multidivisional Form in France, Germany and the United Kingdom, 1983–1993.” Journal of Management Studies 41, no. 7 (2004): 1057–1082.Google Scholar
Mutch, A. “Allied Breweries and the Development of the Area Manager in British Brewing, 1950–1984.” Enterprise and Society 7, no. 2 (2006): 353–379.Google Scholar
Mutch, A.. “Organization Theory and Military Metaphor: Time for a Reappraisal.” Organization 13, no 6. (2006): 751–769.Google Scholar
Mutch, A.. “Improving the Public House in Britain, 1920–40: Sir Sydney Nevile and ‘Social Work.’” Business History 52, no. 4 (2010): 517–535.Google Scholar
Payne, P. L. “Family Business in Britain: An Historical and Analytical Survey.” In Family Business: The International Library of Critical Writings in Business History, edited by Rose, M. B., pp. 171–206. Aldershot, UK: Edward Elgar, 1995.Google Scholar
Peng, M. W., and Jiang, Y.. “Institutions behind Family Ownership and Control in Large Firms.” Journal of Management Studies 47, no. 2 (2010): 253–273.Google Scholar
Pinkse, J., and Slade, M. E.. “Mergers, Brand Competition, and the Price of a Pint.” European Economic Review 48 (2004): 617–643.Google Scholar
Roberts, R. “Regulatory Responses to the Rise of the Market for Corporate Control in Britain in the 1950s.” Business History 34, no. 1 (1992): 183–200.Google Scholar
Rutterford, J. “The Shareholder Voice: British and American Accents, 1890–1965.” Enterprise and Society 13, no. 1 (2012): 120–153.Google Scholar
Siebels, J-F., and zu Knyphausen-Aufseβ, D.. “A Review of Theory in Family Business Research: The Implications for Corporate Governance.” International Journal of Management Reviews 14 (2012): 280–304.Google Scholar
Sorensen, Anker. “The Florange Law Deprived of Its Main Significance by the French Conseil Constitutional in its Decision of 27 March 2014.” International Corporate Rescue 11, no. 3 (2014).Google Scholar
Van Essen, M., Carney, M., Gedajlovic, E. R., and Heugens, P. P. M. A. R.. “How Does Family Control Influence Firm Strategy and Performance? A Meta-Analysis of US Publicly Listed Firms.” Corporate Governance: An International Review 23, no. 1 (2015): 3–24.Google Scholar
Watson, K. “Banks and Industrial Finance: The Experience of Brewers, 1880–1913.” Economic History Review 49, no. 1 (1996): 58–81.Google Scholar
Wernerfelt, B. “The Resource-Based View of the Firm.” Strategic Management Journal 5 (1984): 171–180.Google Scholar
Whittington, R. “More SSOP: Commentary on the Special Issue.” Business History 53 (2011): 69–173.Google Scholar
Wiseman, R. M., Cuervas-Rodrigues, G., and Gomez-Mejia, L. R.. “Towards a Social Theory of Agency.” Journal of Management Studies 49, no. 1 (2012): 202–222.Google Scholar
Yildirim-Ӧktem, O., and Üsdiken, B.. “Contingencies Versus External Pressure: Professionalization in Boards of Firms Affiliated to Family Business Groups in Late-Industrializing Countries.” British Journal of Management 21 (2010): 115–130.Google Scholar
Zahra, S. A. “‘Harvesting Family Firms’ Organizational Social Capital: A Relational Perspective.” Journal of Management Studies 47, no. 2 (2010): 345–366.Google Scholar
Barton, D., and Wiseman, M.. “The Cost of Confusing Shareholder Value and Short-Term Profit.” Financial Times, March 31, 2015.Google Scholar
Campaign for Real Ale (CAMRA). “Wethered No More.” Hertfordshire Newsletter 109, June/July 1988.Google Scholar
Cowe, R. “Whitbread’s £2.4bn is Accepted by Allied.” Guardian, May 26, 1999.Google Scholar
Elliott, S. “Presenting the Brew That Wants to Make Manchester Famous.” New York Times, October 23, 1996.Google Scholar
Financial Times . Obituary, “Bill Whitbread: ‘Fireball’ Brewer,” November 26, 1994.Google Scholar
Hughes, J. “Hong Kong Regulator Feels Heat Over Decision on Dual-Class Shares.” Financial Times, March 24, 2015.Google Scholar
Laurance, B., and Kane, F.. “Whitbread Beer Mission May Knock Down Family Skittles.” The Guardian, September 26, 1992.Google Scholar
Martineau, J. E. Obituary, “Sir Sydney Nevile.” Journal of the Institute of Brewing 75, no. 5 (1969): 428.Google Scholar
Pain, D. “Market Report: Votes-for-All Decision Puts Pressure on Two-Tier System.” The Independent, July 16, 1993.Google Scholar
Shepherd, J. “Whitbread Puts End to Two-Tier Voting Structure: Brewing Giant Decides to Purchase Remainder of Investment Company.” The Independent, October 7, 1993.Google Scholar
Shepherd, J. “Whitbread Sells Regional Stakes: Brewer May Use 230m Pounds for Big Acquisition.” The Independent, March 11, 1994.Google Scholar
Simms, J. “Profile: Doubting Thomas.” Director, September 2001.Google Scholar
Times . Obituary, “Colonel W. H. Whitbread,” November 30, 1994.Google Scholar
Telegraph . Obituary, “Sir Charles Tidbury,” July 10, 2003.Google Scholar
Telegraph . Obituary, “Sir Michael Angus,” March 21, 2010.Google Scholar
Department of Trade and Industry. Stephen Byers Refers Whitbread Plc’s Proposed Acquisition of Allied Domecq Retailing to the Competition Commission. P/99/611.1999.Google Scholar
Monopolies Commission. Beer: A Report on the Supply of Beer. HC. 216. 1969.Google Scholar
Monopolies and Mergers Commission. Allied-Lyons PLC and Carlsberg A/S: A Report on the Proposed Joint Venture. Cm. 2029. 1992.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Allied-Lyons Plc: A Report on the Proposed Merger. Cmnd. 9892. 1986.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Grand Metropolitan PLC: A Report on the Merger Situations. Cm. 1227. 1990.Google Scholar
Monopolies and Mergers Commission. Elders IXL Ltd and Scottish & Newcastle Breweries Plc: A report on the merger situations. Cm. 654. 1989.Google Scholar
Monopolies and Mergers Commission. The Supply of Beer: A Report into the Supply of Beer for Retail Sale in the United Kingdom. Cm. 651. 1989.Google Scholar
Nalebuff, B. Bundling, Tying and Portfolio Effects. London: Department of Trade and Industry Economics Paper no. 1, 2003.Google Scholar
Price Commission. Whitbread and Company Ltd—Wholesale Prices and Prices in Managed Houses of Beer, Wines, Spirits, Soft Drinks and Ciders. London, Her Majesty’s Stationery Office, June 12, 1979.Google Scholar
Whitbread Plc. “Whitbread to Restructure, Tighten Focus and Return value to Shareholders.” Press Release, October 19, 2000.Google Scholar
Morland & Company Ltd., History Centre, Oxford Record Office (ORO), Oxford.Google Scholar
Sir Sydney Nevile Papers and Whitbread Plc Records, London Metropolitan Archives (LMA), London.Google Scholar
Wargrave Local History Society (affiliated with Berkshire Local History Association), www.wargravehistory.org.uk/.Google Scholar
Watney Mann Ltd., London Metropolitan Archives (LMA), London.Google Scholar