It seems that all this stuff we read about Pub Companies treating their leaseholders badly, is a lot of old bollocks. The buggers are rolling in it. Punch Taverns have just announced that their leaseholders make an average of £64,000 a year before EBITDA - definition here. They earn 70% above the average wage in fact.
Now I've no idea what has to come out of this nice little earner, as it doesn't say how the calculation is made, but I'm guessing though this is before all the things a licensee has to pay such as bills, wages, insurance, etc. etc.
Either way it flies in the face of what you read elsewhere in the trade press and why Parliament is once again looking into what Pub Companies are up to. Already in the comments columns of trade publications, there are allegations of economy with the truth. Seems to me the old adage fits best "there are lies, damned lies and statistics!"
Let's hope Parliament tease out the truth of it all.
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