Tuesday, July 15, 2008

Young's are fortunate enough to have come late to the fantastically lucrative lure of the basic PubCo ethos and are in a position to back out of or refocus their aspirations of devolving all essential responsibility (bricks and mortar upkeep; employers' responsibilities; adhering to all incoming legislation; insurance liability; marketing; trade generation; i.e. all risk) for the fabric of their estate to long term lessees - as the big PubCos have done - They have a chance to stand as a traditional, paternalistic family brewer looking after tenants for the long term. But that would be too ehrm... boring for the shareholders. And I seem to recall - they aren't brewers any more. Are they? Que Raison D'Etre?

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