Pubmaster rents cut by deal
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.BRENT Walker's Pubmaster chain has arranged the acquisition by Scottish Amicable and Strathclyde Regional Council of the freeholds of 641 pubs that Pubmaster leases from Allied Domecq, writes John Willcock.
Pubmaster will benefit from 'substantially' lower rents than it paid to Allied when it originally leased the pubs three years ago. The 1,905-strong chain also gets the right to buy a fifth of the pubs every five years.
The pub leases have been bought for pounds 79m with pounds 74.25m paid by ScotAm, and pounds 4.75m by Pubmaster for furniture and fittings.
John Brackenbury, chairman of Pubmaster, said: 'We are taking advantage of the falling interest rates and pub values since we leased the pubs from Allied three years ago. He said the group planned to float Pubmaster within the next three years - 'probably within the next 15 months'.
Brent Walker is still struggling under debts of pounds 1.4bn and reported a pre-tax loss of pounds 319m for 1993. Rising operating profits were wiped out by a pounds 200m interest bill. Pubmaster contributed a profit of pounds 11.1m against pounds 12.5m the previous year.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments