List of all posts by user:

Karl, you appear to be a bit emotional and distressed. Jack had a Sell recommendation on Punch Taverns at this time last year, when the shares were collapsing and a Hold on Enterprise Inns, not a Buy on both oompanies. Fact. Re today's article, he merely quoted published CGA statistics on pricing and supply change. He did not claim to be all things you stated. I understand your anger, but you are not producing facts and clear argument and in the process you undermining your argument, stance and the cause.

Karl, you may have a point re churn, but there is no escaping the fact that the closure rate is significantly higher in the untied free trade. The difference in the closeure rate is twice as high as these numbers suggest on the basis that there are twice many tenanted pubs than there are free trade pubs. As a tenant, I can also confirm that I have received substantial support from my pubco in recent months - something that would not have happenned without the benefit of central purchasing power (look at recent events at Wellington if you are confused). You have done a great job battling for us to get treatment equal to that of the free trade operators (not that I am excited by the comparison), but going further and trying to destroy pub profitability through banning purchasing ties is total and utter lunacy. Whatever you are doing in that area is to the detriment of us tenants - and to the benefit of the brewers. If you really care, you would be campaigning for pubcos to expand central purchasing (and therefore pub profitability) on the basis that tenants take all the upside.