Friday, May 22, 2009

Marston's reports 'resilient' performance

Statements which cover up lots of other realities. Pubco pubs don't close, they change lessee. Pubco pubs often even get boarded up between lessees' losing the shirts off their backs but the pubs aren't 'closed'. No a 'closed' pub is one which has no lessee and no chance of a lessee ever being found. Until then it's a pub, whether boarded up or just shut for business temprarily. When it's 'closed' it's in the basket case bracket and it's sold off for Potentially Alaternative Use (STP.

Marston's ought to take some time out to reflect with more detail on the the fact of churn of serially failing leases that goes on year in and year out in their estate and consider what the notion of "sustainable, fair rents" really means.

They might also like to question why BDMs on the ground are of the opinion that head office is living in 'cloud cuckoo land' over their expectations of what is truly achievable in rental terms.

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