if it's a good pubco it might work like that. On the other hand Punch

got themselves into s**tloads of debt and went through a large 'restructuring' which involved imposing more onerous rental conditions (both ?s and in terms of leeway) and not investing in all the repairs etc a good pubco would invest in. Heath is right in the textbook economies of scale, benefits of franchising sense and managed to cherry pick some numbers from a good pubco's annual report but in reality Punch was one of the very biggest pubcos, it didn't work like that and drove lots of pubs (like my old local) to the wall.

Posted By: pat_abb, Nov 20, 08:54:38