"PUB WOES MOUNTING" SAYS MP
November 10, 2008 9:28 AM
Nick Harvey, MP for North Devon, says: "At a time when landlords are being squeezed by higher rents and beer costs, the news that Punch Taverns, the UK's biggest pub operator, has announced that its takings are down £20 million following the ditching of almost 10% of its less profitable pubs is far from encouraging.
'To make matters worse Punch has around another 500 of its 8,400 pubs up for sale and has almost £5 billion in debt.
'If this is the state of the country's leading landlord it does not bode well for the other groups in the industry and indeed the trade in the South West. Earlier this year Enterprise Inns takings were down by £10 million and they may post similar losses for the latest quarter.
'As well as the general economic situation I am aware that Punch Taverns are concerned that cheap supermarket alcohol is damaging the trade. Clearly any assessment of beer prices needs to be considered in conjunction with the levels of rent paid for the pub.'
'I am urging the large group operators to do all they can to ease the burden on their publicans.
'I am also concerned that the large groups are too slow in turning around closed pubs which can make acquisition by smaller local businesses a frustrating process.'
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