Banks wouldn't pull the plug on rent strike-hit pubcos. Would they?

The threat by a small group of licensees to withhold rent payments from their pubco landlords could fizzle out like a rocket firework on a damp Bonfire Night.

Let's face it, most pub licensees are traditionally conservative types - whether that be with a large 'C' or of the lower case variety - to whom strikes of any description are anathema.

Alternately the rent strike 'rocket' could take off with an almighty 'whooosh', reach dizzying heights and explode spectacularly, prompting many 'ooohs' and 'aaahs' from the assembled crowds below and showering the pub industry with sparks that could ultimately set the sector ablaze.

OK, this last bit is pure hyperbole, but behind the muted official reaction to the ultimatum by the 'Pub Revolution' group there lies a concern in some quarters that things might, just might, get out of hand.

It all depends on whether the 'rent rebels' can summon up enough support for what is in effect a contract - and surely therefore livelihood - busting strategy.

One pub industry observer suggested to me last week, if the group can get, say, a 1,000 or more tenants to withhold their rent payments such action could severely dent the cash-flow - and possibly bring about the demise - of some of the larger pubcos. This is after all what the rent strikers want.

But would the banks, to whom the two largest pubcos are effectively in hock, really pull the plug because a bunch of rebellious tenants were holding the latter to ransom? I doubt it.

Still, the rent rebels have made their point, albeit crassly. That one pub operator demanded that a story reporting their revolt threat be removed from The Publican's website speaks volumes for the sensitivities involved.

Meanwhile, perhaps it was the best it could have hoped for but a lack of unity across the industry viz the mediation process will surely send out the wrong signal to the powers that be, or will be.

At a time when the industry is politically fair game and liable to interference such I can't help but think that such apparent division is unwise.