The Great British Pubco Scam. Pubs are closing all over Britain yet pubs are places that most people love and think fondly of as some of the most significant, treasured, iconic parts of our culture, places to be cherished, nurtured and looked after. Yet they're closing everywhere... WHY? It doesn't make sense does it? Read on...
A bit about me. And a bit about them. And some photographs...
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.