Steady-as-you-go is no longer adequate

http://www.morningadvertiser.co.uk/news.ma/ViewArticle?R=90824

What a totally Rubbish article. It's a shame Sally seems not to have come back to the forum.

What is Paul Charity getting at with this article? Oh yes. His old 'Pubcos are good and the tie works' argument 'especially as a 'franchise'.

The fact is that tied pubs are failing by the thousand.

It's all on public record: One way or another every single pubco is shedding tied leased in favour of investing in some form of 'managed' model. Enterprise, Punch, S&NPC, Admiral, Marston's, Greene King's tenanted divisions have all been performing woefully - even for the very companies whose business practices have skimmed all the profits out of the tie into their own coffers.

The tied pub sector is in freefall and it's only getting worse. The pubcos collectively are just hoping they'll scrape through the next BIS inquiry with the tie in tact to give them the breathing space to save their own bacon at the expense of several thousand more publicans they are sacrificing as they struggle to save their own bacon (and directors' salaries of course).