"Where it leads is an interesting question for everyone following the debate about the tied pubco model."

There can no longer be any debate about the tied pubco model. Like Global Warming, it's happening, it's BAD and it HAS to be stopped.

And as with Global Warming, no serious observer armed with the facts is in denial any more. The tie is killing pubs. The debate around food is a desperate attempt by pubcos to get more money coming into their estates so they can shore up their pernicious plundering of profit from their licensees.