Jon Bassett, managing director of Cardiff-based pub operator JW Bassett, has told M&C Report he is selling two tied leases and is close to securing several freehold sites.
Bassett said turnover for the past 24 weeks was up 14%. Pre-tax profits were up 48% for the same period and expected to total £750,000 for the year. He said machine profit was 74% up, which he put down to a reasonably price drink offer allowing customers to spend more on machines.
On plans for 2015 he said: “I’m not going to be doing any more tied pubs so two tied leases are going to be going and I’ve got a few freeholds in the pipeline.
“I would still be willing to look at leases but they would have to be untied and with an appropriate rent.
“In the smaller pubs there’s just not enough margin in it to make it worthwhile doing a tied lease.”
He said his ambition was to grow his pub estate, currently at seven, to around 10 sites but insisted he would not be bringing in an area manager. He said he was looking for sites across South Wales.
