Thursday, May 10, 2012

Young's is not a brewer.

IFBB rejects Mulholland calls to expel Young's from the organisation

Young's is not a brewer. Young's have no interest in beer. Young's have no interest in pubs. Young's is a property owning company that happens to have pubs on its balance sheet.

Young's has a property portfolio strategy which includes selling off measurably viable pubs to speculative housing developers who then apply for change of use - tenants have no security of tenure at the end of a lease when a freeholder wants to take a premises back for their own use or for a purpose which is different from the tenant's business. So willing tenants of pubs are deliberately blocked from getting a look in on buying the freehold of their own business premises while the developer is simply able to evict them because they want to use site for housing.

This commercial behaviour goes well beyond just being ignorant short termism seeking to return as much capital on assets as possible. This is wilfully destroying the livelihoods and home life of publicans who once trusted the 'landlord tenant relationship'; it is a socially divisive practice and is damaging to the communities who lose vital local assets as a result of a private equity greed and returning 'shareholder value' for the immediate future.

Generations of Young's family members will be turning in their graves.

No comments:

Post a Comment