RE: Christmas was a boost, but the tenanted trade remains fragile MA 6.2.09

Thank YOU Paul Charity. "managed companies out-performing tenanted performers almost without exception". Behind this glaring reality pubcos for some reason want the Business Enterprise Committee to believe that managed operations are MORE costly to operate and that they are not as robust as tenanted and that they do not make as much profit as leased, with the implication being that tied tenants are better off than managers. This conveniently erroneous thinking suits pubcos well... their mindset is all about shedding responsibility for any part of operation onto lessees who then carry the can for everything while the pubco staff go on training courses (Punch) and learn that there is nothing for them to do when it comes to running a pubco except make sure the tenants aren't 'stealing' from them (Enterprise). And then, when it's clear that this mode of operation does not, actually, work in the long term, come up with more ideas as to how to continue this discredited line of business practice to excuse the continuation of ruining the British pub stock and our heritage (Thwaites; Youngs, etc; others still jumping on the tied lease bandwagon - you know - the one with the broken axles).