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This is a most peculiar! You might, in Ted Tuppens position 'think' the above, but why would you announce this 'loudly'! In today's climate there is only one reason why tenants are buying out! His mathemathetics wll not work in January though! What will he announce in the next quarter? “An entrepreneur has failed when he/she stops being an entrepreneur.”. I am convinced Mrs Thatcher took this stance...

In an age when many businesses, particularly in the licensed trade are struggling big time you have kicked the trend! With tenant support you have assisted them to just a 4% fall in profit. Rents have been upped on review by 2.2% and your estate has been revalued with an uplift of 1%. No wonder you still have at least 130 applicants a month for your vacant pubs! Give us an insight please, and pass on your secret's because non of this seems to apply to our business, estate or profits forcast. I just cannot understand why the city do not agree either...

Oh dear Mr Lee-Jones you have made a terrible mistake! Do you not realise that those odd kegs that have been purchased out of tie was the difference between your licensees being able to pay there rent, or not! Why on earth would you go down the route of all the 'other' pubcos...

In my experience 65% is a fairly true figure!and will be higher in two months time. I know of one good, once triving,(part tied) pub who cannot order any beer this week, by Friday he will be out of keg beer, only serving bottles, that are left in the store! This poor man has 'cried' in my office on two occasions. He has fought to save his pub for the past year, tried everything, but has finally given up... Potless, being taken to court, by his family for not being able to pay back his loan, a wife and kids with no where to go. Before he took over 'his dream' he had a mortgaged house with 50% equity, and owned a small house in his home country. Both have been sold to prop up the business - He didnt' want to be seen as a failure! This is not un-typical of other stories, I have seen. The rents are too high, because of ridiculous prices that have been paid for the freeholds. An interesting thread below with a lot of sense being spoken http://www.iii.co.uk/investment/detail?code=cotn:PUB.L&display=discussion

Currently the following prices on Fosters are around... Free trade £64.00 - £67.50 11g keg Free of tie - around the same Tied house - List price less barrelage discount Cash with order - Full list price and no discount until you can re-negotiate. You would generally be on cash with order if you have missed or was late on any payments... Win win situation for brewery/pubco. No discount given and cash up front. Job done!