PCA data reveals wide variation in pubco performance

PCA Fiona Dickie discusses fair treatment on a short agreement
Tied-tenant satisfaction: PCA publishes first company-level breakdown (PCA)

Tenant satisfaction with the UK’s major pub companies varies far more widely than headline figures suggest, according to new company level data released by the pubs code adjudicator (PCA).

The regulator has published its most detailed breakdown yet of tied tenant feedback, releasing individual performance tables for Admiral, Greene King, Marston’s, Punch, Star Pubs and Stonegate for the first time.

A clearer picture

The new dataset forms part of the PCA’s 2025 Annual Tied Tenants Survey and gives each pub company a far clearer picture of how its own tenants rate key elements of the tied relationship.

While overall satisfaction across all pubcos remained stable at 61% in June, the newly released breakdown shows that performance differs significantly between companies and even between tenant types within the same estate. The PCA said the new tables are intended to “shine a light” on those gaps and push companies to improve.

PCA Fiona Dickie said the release “goes further than ever before” in exposing where the biggest variations lie.

“This gives the pub companies valuable and detailed insights on which to benchmark themselves and strive for improvements in how they manage their tied relationships, and this is good for tenants,” she said.

“Tenant confidentiality has been carefully protected, and I would urge tied tenants to take the time to give us their views when the next survey launches in January 2026.”

Where tenants say relationships fall short

The detailed tables sit behind several headline findings already released by the PCA, including:

  • Seven in 10 tenants say they are satisfied with their BDM relationship, but only 59% are satisfied with their current pub agreement
  • Awareness of the code compliance officer (CCO) has risen sharply to 46% , up from 25% two years ago
  • Eight in 10 tenants found pre contract information useful, yet only 54% felt the same about their sustainable business plan
  • Four in 10 tenants have negotiated rent in the past two years, with one in five dissatisfied with the information they received
  • Repairs remain a key friction point, with satisfaction (45%) closely matched by dissatisfaction (41%)

The PCA said breaking this down pubco by pubco will allow each company to identify which tenant groups are struggling most, and where intervention or support is needed.

The regulator will survey 1,200 tied tenants again in January 2026.