Declines in pub property values have hit the balance sheet of 30-strong Kent-based Thorley Taverns, writes Paul Charity. The company, which employs 500 people, reported an exceptional cost of £529,593 after a property portfolio revaluation. Thorley Taverns’ turnover was £13.6m in the year to 30 June 2009 compared to £14.6m the year before. Operating profit was £234,630, but thanks to exceptional items it reported a loss for the year after taxation of £661,916 compared to £45,408 profit the year before. Documents filed at Companies House state: “The directors believe the company has performed creditably in challenging circumstances. "It continues to receive the full support of its bankers with whom it has enjoyed an excellent relationship over 42 years of trading, and continues to operate within its existing facilities.”