- The smoking ban- it won't be reversed and it hasn't been bad for all pubs but for the spit & sawdust type backstreet boozer it remains a problem.
- The pubcos overinvestment in property. When property prices were shooting up from the 1990s to the 2008 crash it didn't matter too much whether pubs were profitable because the value of the properties was rising fast enough to ensure that on paper the pub companies were loaded. After the crash they realised the flaw in that plan.
- The quality of people becoming landlords is not great, mostly because hardly anyone who understands what's involved would want to to do it. It's almost impossible to make money as a tenant so only fools rush in to take them over. Also going to the pub a lot does not mean you are well suited to running one.
- The quality of people running pubcos isn't great- the firms aren't rapacious capitalist exploiters, but edifices that are teetering on the brink of collapse who can't afford to take long term decisions without having serious cash flow problems today.
- Tax on beer, even during the midst of the great recession the tax on beer has reason inexorably.
Has the Value Comeback Been Postponed?
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