Add to that, the proposed rates hike is going to hit incredibly hard. A relative of mine was fairly close to buy a well-respected pub in the city.Everybody is frightened, the iran thing is about to land in the market proper, and we've had farmer briefings daily about fertilizer and fuel price shocks to come. Keeping the house warm and the lights on is more important than some hyper expensive pints out of an evening.
This is the end of the great british pub, no one has any money. We'll end up like 50's soviet russia yet.
When the books were mulled over and the increase in rates was factored in, plus the investment needed to do it up, it wasn't worth the hassle.
Greene King are going to be selling off or franchise quite a few pubs in their estate, which will likely many will close.