Lude Generation

Nothing new I know, but it's not often you come across such a hugely profitable pub that still gets turned into a Tesco!

http://www.bbc.co.uk/news/uk-england-london-27912282

£700k profit in a year and still closed?

Utter crap short termism from the pub co. It sucks.

A nice pub 5 mins around the corner from me closed a few weeks ago, its already been bought, refitted into an Iceland which opens in 2 weeks.

The Picketty Witch near me (which I've always known to be there) was turned into a Tesco Express at the end of the last year. I've now been in there about 5 or 6 times more than I did when it was a pub, which is about 6 or 7 times... The pub was a dive )

It is in deed a damn shame. Pubs are closing all the time.
In Chester (where I'm from) many years ago there used to be more! Pubs than days I the year! Bare in mind chester is about 3 miles as the bird flys so that's pretty hardcore lol.
Now there's lesson than a quarter of that's


But back the London pub. From a business point of view would you:
A. Slog your arse off for 12 months with no holidays for 700k or
B. sell for 27 million! Quid lol

JD Whetherspoons get some stick from a lot of people but at least they are going against the trend and buying old buildings to convert and reopen as pubs.

where I live they built the area as one of the new towns so it had a pub and a church for every so many houses there are a lot of them are still open, pubs I mean not all good though

GreenyUK wrote:But back the London pub. From a business point of view would you:
A. Slog your arse off for 12 months with no holidays for 700k or
B. sell for 27 million! Quid lol

The pub co were doing absolute no slogging to earn that £700k a year - their pub manager was doing all that hard work, to take home his (I guess) £30k a year. And given that a pub co is in the business of running pubs, continuing to sell off pubs for development (particularly rare hugely profitable ones like that) is a very short sited business plan...
Great for the current years cashflow and the current directors annual bonus, not so good for the ones that follow behind them and are left with no operating business or valuable assets!

wurlycorner wrote:

GreenyUK wrote:But back the London pub. From a business point of view would you:
A. Slog your arse off for 12 months with no holidays for 700k or
B. sell for 27 million! Quid lol

The pub co were doing absolute no slogging to earn that £700k a year - their pub manager was doing all that hard work, to take home his (I guess) £30k a year. And given that a pub co is in the business of running pubs, continuing to sell off pubs for development (particularly rare hugely profitable ones like that) is a very short sited business plan...
Great for the current years cashflow and the current directors annual bonus, not so good for the ones that follow behind them and are left with no operating business or valuable assets!

Well maybe so still stands the mate in numerical terms it's better. Hence why it happened and will continue to happen for the future.Its a true shame.

A doctors surgery near me is currently being demolished to make way for a co op

In years gone by, on a Bank Holiday Sunday, i.e. no one working on a Monday, my local would be 6 deep at the bar all night. In more recent times, you're lucky if there are 5 people using the pub in the whole evening!!