Interesting observation 4698.

Once upon a time there was a CEO of one of the largest IMR's who had a lot of tied pubs with one of the big big big pubcos. I met this CEO and had a few scoops in a lovely traditional basement wine bar in the heart of London's West End.

Lots of press releases and puff had been published nationally about what a wonderful joyous thing this new company was: taking on a large number of tied pubs from a pubco and instantaneously making a significant Independent Multiple Retailer who would prove the tied model works like a well oiled machine and generates massive moola for all involved.

Funny thing is the former employee of the big pubco who knew everything about being part of running a massive tied pubco, who always felt they wanted a bit more freedom and the excitement of being their own boss. YOU know what they told me?

"It doesn't work. With the tie the margins just aren't there. We're not making any money. In fact we're losing money".