Current Account notes with interest Mr Richard Burrows's statement that Pernod's BWG distribution business in Ireland and the UK will be sold as a single unit and not broken up into its component parts.

It was this column that first mooted the possibility of a break-up sale and that reflected a view in part of the trade that BWG's combination of a wholesale distribution business with a chain of convenience stores was too unwieldy for a combined sale. Others in the trade felt that if Musgraves could successfully operate a business with separate distribution and retail operations then so could BWG's new owner.

The Pernod joint boss was quite emphatic that BWG - with sales of around #1.26 billion and operating profits of #44 million - will not be split, with most of those who have approached Pernod about BWG looking to buy the group as a combined entity. Maybe Pernod believes that BWG is worth more than the sum of its parts and so should be sold as a single unit.

Burrows tacitly admitted that a break-up sale could mean getting a good price for part of the BWG business and a not-so-good price for other bits of the business. On this basis, what is to prevent BWG's new owner reducing his debt by selling off the not-so-good bits of BWG and concentrating on the most profitable parts of the business?

The retail trade in Ireland is in a continuing state of flux and this week there is speculation that ADM-Londis is planning to demutualise as a precursor to some possible four-way link-up with BWG's Spar, Mangans and Barry's to create a fourth major retail grouping alongside Dunnes, Tesco and Musgraves.

That seems a little farfetched, but there is no doubt that there are interesting times ahead for the retail trade.