Sunday, May 20, 2012

Punch Plan to Offer Lenders Control for Write-Off, Times Says

Article on Bloomberg by

It's been a long time coming, this death by a thousand cuts, and is no surprise to anyone with an objective viewpiont of the pub sector. The bondholders find themselves in the interesting position of being landlords to a vast array of differently run businesses with no brand, no USP, no rational supply chain, a central command that's failed on all fronts that has nothing outstanding in its operational offer, nothing that's replicated across the whole estate that can be turned around with one clean push.

Basically a box of frogs valued at £2.3billion but worth £.6billion.

What to do?

A few publicans have the answer to the whole problem. It's not easy but then it's not difficult. But if history of the world of the tied pubco model is looked at it's likely that no one who's exposed to these rather large losses will consult, listen or take any notice of publicans. You know - those people who stand at the pumps and talk to the punters, the people who pour the beer and generate all the value, all the cash flow, all the innovation, the profit and all the grease that has lubricated the entire pub sector for the last thirty years - which has been all but dried out by asset sweating suits who wouldn't know a decent pint of Craft Ale if it were thrown in their face.

www dot peoplespubpartnership dot org

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