Thursday, July 23, 2009

Pub values have bottomed out

I just had a look around a prominent pub that's been on FMT leases for donkey's years. It a was SICKENING expeience, no exaggeration. EVERYTHING behind the front of house was in a depressingly un maintained condition. I mean the cellar and upper floors were essentially worthy of being condemned. This is not untypical of most tied pubs I've seen in the last twenty years. The tenants get blamed for this scandalous neglect of the fabric of the buildings which carries over from one business failure to another, and is a shocking indictment of the WHOLE pubco 'model'. It's the stained gusset in the pants of of the Emperor's new clothes.

Pub companies all describe themselves as having the highest quality estates blah blah blah as if they are something very special and leading in the property market... They employ RICS trained surveyors to preside over and nurture the status quo, concocting fantastic rents on properties that are basically slums.

They all, ALL, ought to be deeply ashamed of themselves. The ceos of these pubcos and mds ought to begin to do their jobs properly for the first time ever, go and have a look at the conditions their tenants live in, take stock of their business 'model', look in the mirror and say 'you are responsible for this appalling state of affairs' and then decide: 'I will either do something EFFECTIVE about it' or 'RESIGN IMMEDIATELY I'm out of my depth' and go and do something you're actually capable of doing and being honest about tjhat you can be proud of.

Like being a toilet concierge in a doss house.
If I sound angry it's because I am. These charlatans have been getting away with this for decades. They are highly respected people who move in the upper echelons of world society. They have built their reputations out of thin air and should be exposed for what they have done.

They are applying pressure to all aspects of the pub trade now. They have been on the back foot since BEC publication. They are beginning to rally themselves and close ranks again. They will be lobbying vociferously and campaigning behind the scenes with their smoke and mirrors which will be getting thicker and thicker as they get closer to the end of their natural lifespan.

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