Renting

The BBPA argued MRO would lead to less opportunity for entrepreneurial tenants

Summit

MRO debate: fear of managed house growth & less tenant opportunity

By Emily Sutherland

Industry figures have voiced their fears about a potential rise in the number of managed pubs in the wake of the market rent only option, arguing the legislation will lead to less opportunity for entrepreneurial multiple site operators and stifle innovation.

Draft pubs code battle begins

Legislation

Draft pubs code battle begins

By Mike Berry & Michelle Perrett

Pubco reform campaigners are set to launch a battle to get parallel rental assessments (PRA) reinserted back into the pubs code.

10 things we've learnt about the pubs code

Pubs code

10 things we've learnt about the pubs code

By Michelle Perrett

The Government has published its first draft of the pubs code and how it proposes the market rent-only option (MRO) will work in practice. Here are 10 key points from the draft code.

Red Oak Taverns acquires 146 GRS pubs

City news

Red Oak Taverns acquires 146 GRS pubs

By MC Allegra FS

Red Oak Taverns, the Mark Grunnell-led pub operator has acquired the 146-strong GRS tenanted pub portfolio, in a deal thought to be worth c£35m.

The Wiremill in Lingfield, Surrey turned their spare rooms into a boutique hotel

Property advice

Getting the most from empty rooms in pubs

By Laurie Macdonald

Pubs may have rooms ‘behind closed doors’ - back of house spaces not used as main trading areas. Although kitchens, storerooms, cellars and offices can use sthis space, there is often plenty left over. Laurie MacDonald explores the options for using empty...

The Government has promised the industry a consultation on the draft pubs code by the autumn

Pubs Code

MRO: Meltdown or Real Opportunity?

By James Wallin, M&C Allegra Foodservice

The introduction of the pubs code, and crucially the Market Rent Only (MRO) option, represents the biggest shake-up of the leased and tenanted pub sector in a decade.

New licensees...make sure your start-up is sound

Legal advice

New licensees...make sure your start-up is sound

By Poppleston Allen

In the thrill of starting up a licensed premises it can be easy to get distracted by thoughts of your very own traditional British-style pub or Tom Cruise’s ‘Cocktail’ joint.

The options for tenants when choosing a lease

Property advice

The options for tenants when choosing a lease

By Duncan Young, Mere Commercial

Duncan Young from Mere Commercial, a specialist leisure and commercial property consultancy, explains the options for tenants when choosing a lease.

Tenants will have access to a range of information via the FLVA

FLVA updates members on pubs code

By Martin Caffrey

The Federation of Licensed Victuallers Association (FLVA) held a series of member briefings on the forthcoming pubs code last month. Ops director Martin Caffrey provides an update.

Punch Taverns half-year profits

Operator news

Punch delivers profits

By James Wallin, M&C Report

Punch Taverns has reported a 0.5% rise in like-for-like income in its core estate for the 28 weeks to 7 March 2015 and EBITDA down from £108m for the period last year to £105m this year.

Tom and Ed Martin of ETM Group

ETM Group to open Suffolk country pub

By Ruth Williams, M&C Report

ETM Group, the London-based gastropub operator led by Tom and Ed Martin, is opening its first country pub at Preston St Mary in Suffolk called the Six Bells this spring, M&C Report has learnt.

An increasing number of leases were fully tied in 2014

RICS: Highest pub rent costs in two years

By Ellie Bothwell

Pub rent as a percentage of projected turnover reached its highest level for almost two years in the last quarter of 2014, but saw a slight drop overall compared to 2013, according to the Royal Institute of Chartered Surveyors Pub Benchmarking Survey.

Ted Kennedy: 'Our preference would be to have a 100% free-of-tie estate'

GRS would like estate to be 100% free-of-tie

By James Wallin, M&C Report

Ted Kennedy, chief executive of tenanted pub group GRS, has said would like his estate to be 100% free-of-tie and has predicted the whole portfolio will be sold in under two years.

PIRRS was set up with the aim of offering a speedy and low-cost alternative to formal arbitration for tenants and landlords

Pubcos denied right to elect use of PIRRS

By Mike Berry

The Pub Governing Body (PGB) that oversees PIRRS — the rent resolution service for pub tenants — rejected a request from pubcos to allow them to automatically elect to use the scheme for fear it would undermine its credibility.

What does 2015 hold for the property market? (img: flickr - Elliot Brown)

Pub property predictions for 2015

By Ellie Bothwell

How will the pub property market perform in 2015? The Publican’s Morning Advertiser speaks to the agents in the know.

The Great Pubco Myth - Investment and Support

The Great Pubco Myth - Investment and Support

By Robert Sayles

The pubco propaganda machine has focused primarily on two key benefits of the tied model – investment and support. If what we’re told is true then the removal of such benefits would result in many more pubs closing.

MD Clive Price said the company has allowed for steady growth over the next few years

Barons says new Spirit lease model shows best of pubcos

By James Wallin, M&C Report

Clive Price, managing director of Surrey-based Barons Pub Company, has said his latest site with Spirit under a new style of leasehold proves pubco/tenant relationships can benefit both sides.

'It will not change poorly run pubs that don’t hold any appeal for modern-day consumers into the goldmines some people believe they will become'

Don’t idealise the end of the pub tie

By Paul Tallentyre

Many pitfalls await tenants and pubcos if the proposed changes to the pubs code are implemented, warns Paul Tallentyre, pubs and bars director at Davis Coffer Lyons

Nicola Murrish: 'The 2014 summer season will be very influential in the 2017 revaluation'

INSIGHT

Preparing for business rates revaluations

By Nicola Murrish

Last week, the Government announced that business rates assessments from 2017 onwards will be based on a property’s rental value on 1 April 2015. Nicola Murrish, associate at Vickery Holman, south-west commercial property consultants, provides the details

'Keep on top of day-to-day maintenance and set aside a sinking fund each year for larger repairs'

INSIGHT

Don’t fall down over dilapidations

By Anthony Alder

Anthony Alder, director at AG&G chartered surveyors, lifts the lid on what you need to know to help you avoid claims by landlords

'There is an alarming consistency for automatic uplifts in rent when reviews are due'

INSIGHT

A guide to rent reviews

By David Morgan

Tenants are becoming more successful in securing their own rent cuts, according to Morgan & Clarke chartered surveyors director David Morgan. Here he gives his tips on smart negotiating during a review

'Caution should be taken as a nil premium lease does not simply mean that you are being given a free pub'

Insight

A guide to nil premium leases

By Matt Bettesworth

Matt Bettesworth, managing director of Bettesworths, explains the pros and cons of taking on a nil-premium lease

'It is important for both parties in a rent review or lease renewal to consider whether improvements would be carried out by a reasonably efficient operator'

The value of tenants' alterations

By Jonathan Essex

Improving your pub is vital to sustain and grow business. But how does it affect your property’s rent and valuation? Jonathan Essex, associate director at Colliers International, shares his advice for tenants

Latest figures show rents have risen but represent a lower percentage of projected turnover

Pub rents fall as a proportion of turnover

By Rob Willock

Average dry rents on new pub leases from the four largest tenanted pub companies are up sharply this year, but have fallen as a proportion of projected turnover, as the market stages a steady recovery.

Tim Martin: 'My advice for Oliver is: Be careful, son. You’re an excellent cook, but do you know about rent reviews or understand the property market?'

JDW boss Tim Martin: 'Jamie Oliver is causing rents to rise'

By John Harrington

JD Wetherspoon (JDW) chairman Tim Martin has said the willingness of Jamie’s Italian, the restaurant group founded by high-profile chef Jamie Oliver, to accept high rent costs is causing rents for other operators to rise.

Hawthorn Leisure now has 363 pubs

Hawthorn Leisure buys 88 R&L pubs

By Mark Wingett

Hawthorn Leisure, the group set up with the acquisition of 275 pubs from Greene King, has announced the acquisition of 88 tenanted and leased pubs from R&L, the pub portfolio formerly part of property tycoon Robert Tchenguiz’s property empire in a...

The package comprises six Slug & Lettuce’s, four Yates’s and five unbranded pubs

Stonegate-operated package sold in £28m deal

By Mark Wingett

OLIM Property, the property investment company led by former Liberal Democrat Treasury spokesman Matthew Oakeshott, has acquired 15 freehold pubs let to Stonegate Pub Company for £28.3m.

Pub tenants warned over break clauses

Pub tenants warned over break clauses

By Ellie Bothwell

A property lawyer has advised pub tenants to check whether break clauses are outlined as unconditional in their lease, after the Court of Appeal ruled last week that Marks & Spencer (M&S) was not obliged to receive a refund in rent following a...

Rob Willock:

Statutory code consultation: A year in purgatory

By Rob Willock

This week marks one year since the launch of the Government’s consultation on the introduction of statutory code to regulate the relationship between pubcos and their tenants.