There is no earthly need for pubcos (other than to have the entire profit of the pub industry syphoned off to repay debts that have nothing to do with the running of pubs) and without churn there would be even less point to their existence). The end of the tie will be a Paradigm Shift that will invigorate the pub industry and bring it into the 20th century, stimulate product development, innovation and entrepreneurship while increasing consumer choice, satisfaction and value.