Wednesday, May 09, 2012

Obviously we all know how mental the pubco model is and how totally irrational their behaviour is ...

From Stephen Slatter on Licensees Against Pubcos Facebook:
I have been at open war with Enterprise since last January. I got a winding up order from HMRC earlier this year at which point I decided I couldn't fight any more for what was clearly a lost cause. Enterprise have been threatening me with all sorts legally, including serving me with an injunction on my birthday last year, something Hastie told me was done deliberately with a little chuckle (and they tried to do it when I was visiting my mum in hospital!), and having sat down and looked at everything and taken advice as to what they can actually take from me financially, it really isn't much at all. You don't really have much after a few years of running a tied lease, do you? So I have said fair enough, you win, I give up, you have scuppered 3 sales of my lease so I can't go that way, have the pub back. I have said I won't fight them and have sent a statement of means to show that I don't have any money or property for them to take from me. They are panicking now, intimating that they will force me to take the lease on again if they forfeit my limited company and after it is wound up by the courts. They sold the freehold last year and have an annual rental obligation to their landlord of 90k a year. 90k! They will be lucky if they ever get that site to yield 50% of that for them again. They really have totally and utterly ruined the landscape of british pubs in this country and they have run their business with stupidity and carelessness that are beyond imagination. Still, Tuppen has done well out of it hasn't he?
Tuppen doesn't regard the sale of your pub to another freeholder as a 'sale' since he ie Enterprise retains an interest in the property. He regards it more as a SCAM designed to raise cash now while fiddling as the whole estate smoulders before finally burning a deep hole into bondholders' pockets.

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