Hertfordshire brewer and operator McMullen’s has placed five pubs on the market with a combined value of c£1.5m, with managing director Peter Furness-Smith hoping that potential purchasers can see past “this Government’s highly ‘anti pub’ policies and maintain these five public houses as a going concern”.
The company said that in relation to its tenancies it had responded to the difficult market conditions by reducing average rents by 20% since 2008 to assist their tenants and challenged the Government to do the same in relation to business rates rather than increasing them by 7% over the same period.
It said that 20% of its tenants now pay more in business rates than they do in rent for the trading property, accommodation and support services.
The c135-strong group said that following a review of its pub estate it had decided to sell the freehold interest in The Rest & Welcome, The Tanners Arms, The Farriers, The Green Man and The Maidens Head.
The company said it remained committed to community pubs, whether run by tenants or under management.
It said: “Nonetheless at a time when the company continues to invest in developing its estate as a whole and build new pubs it is necessary that it continues to review and refresh its holdings.”
Furness-Smith said: “We have stood by these pubs, in some cases for over 100 years, but feel it is now time for others to craft an opportunity from them. The challenge will be, as with all pubs, to try and develop a sustainable business providing employment and a valuable service to the community while at the same time being burdened with oppressive and increasing levels of taxation and business rates.”
