RE: Payne: I won't lead new tenant body

Ron, I bought a freehouse because of it's financial ability to make money, not for the love of pubs.
It had capital growth proportionate to it's turnover, it had fantastic cash flow, because you had sold the products before you paid for them and high profitability.
The major Pub Co's were formed for I am sure the same reason, except that the good profitability was insufficient for them and they manipulated the valuation system to base the capital growth on inflated rents and expendable lessees. For those that may be new to this Forum, by inflating rents beyond practical viability the freehold is vastly over valued, previously actual turnover dictated the freehold value.
Selling beer etc was of secondary importance except for cash flow, which was essential to appear not to be a Ponzzi job. What they failed to do after incredible growth was consolidate their true profitability through selling products because inflating freeholds has to stop.
The recession did just that with dire consequences, we now have vastly over valued pub estates across the country, enormous over renting in an industry which is totally locked into it's local market share, which is falling because of a variety of influences, recession, smoking, legislation etc.
Virtually every Pub owning company has been infected by this chaotic lunacy, inspired by surveyors and accountants who have viewed the industry as a cash cow.
Using this method and I would like to be proved wrong, has put many companies under extreme pressure and they have no leeway to get back to true profitability.
I would like to see Pub owning companies and there are a few, where the licensee is respected and the key to success, not a temporary expendable cash cow to be exploited.
There is a lot more on www.buyingapub.com, your comments are always appreciated, the more people we get to, the great the possibility of change for the good.