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News Article Comments : Anand: pragmatic view on bottom-end pubs
Greene King has found solutions for more than 25% of the 400 tenanted pubs contained within its turn-around Independence Pub Company division.
The company placed its tail-end pubs in as turn-around division last year offering full and partial tie options, total agreement flexibility and options to buy the freehold.
The move to take a pragmatic approach is “starting to deliver”, the company stated. Greene King now has 12 free-of-tie agreements, and 46 partial tie agreements.
It has sold 25 of the pubs — 12 to licensees, 18 to third parties and six for higher alternative use values. A total of 39 of the pubs have been returned to the core estate after having their problems fixed.
A further 22 pubs have had their problem fixed but remain in the Independence Pub Company due to their geography. Chief executive Rooney Anand said Greene King is taking a pragmatic approach at its bottom-end pubs to avoid “taking a bath” while pub
sale prices are low.
He said that company’s th
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john morphew 03/07/2009 13:01:33 |
RE: Anand: pragmatic view on bottom-end pubs Oh dear, more porkies. I am one of those bottom end pubs referred to and can assure all concerned that I have never been approached with any kind of help, any offer to purchase the freehold, even though I have tried to buy it on three separate occasions and been turned down. No offer has ever been made with regard to going free of tie or any rent concession being offered even though I have appealed for help for two years having to pay about 28% of turnover in rent. Someone up there must sit round a boardroom table thinking up these stories and put them out as press releases. Anyone out there in a similar position care to comment? I forgot to add that I have been at this house for 26 years, when we celebrated our 25th year we got nothing from the brewery, not even a phone call congratulating us, we have never had a promotion in the last 15 years even though they are happy to subsidise beer to the Irish pubs on St Paddys day. Greene King care nothing for their tenants, merely money making machines, if we don't earn them enough, forget us. Loyalty to them means absolutely nothing. edited by: john morphew at: 03/07/2009 13:08:09 This post replies to this thread |
