Dear Guy Arnold. Your concerns:

1) Licensees; It is incredibly patronising to suggest that licensees can't do two things at once; i.e. Know just how comprehensively they are being ripped off by their PubCo and at the same time run their own business. The difficulty lessees have in running their own business under a PubCo is that they have all the responsibilities and costs of an independent freeholder but none of the security and far less profitability. Consequently they cannot invest adequately in their own business... This IS a real issue.

2) PubCos; Panic is not part of their make up. PubCos have long forgottent that, in theory, they have a need to look after their customers i.e. their lessees. Looking after their lifeblood and sole income generator - the people who sign the leases and pull the pints - has never been part of their operation. All they have ever done is pump up their shareholders directors' remuneration. Exactly how do you think they are going to get 'intensely loyal' customers? They have never had them before and, with the legacy the PubCos have now, they are certainly never going to get them.

What is happening is the beginnings of a paradigm shift which PubCos cannot hide from. People are seing and understanding the PubCos for what they really are. First lessees and now the pub going public and noe there are even signes that shareholders are catching up. Look at the stock prices.