The Christie index of business values shows pubs enjoyed a 9.2% rise in values last year, among the greatest of any business category. The specialist property firm found demand for pubs continued to exceed supply. Leasehold properties became increasingly popular because of a shortage of freeholds and lower cost of entry to the market for first-time buyers. It found developers continued to pay high prices for pubs that lent themselves for either conversion to alternative use or development of the whole site. Business values in the restaurant sector climbed 3.4% last year, up from a 2.6% upturn in 2003. Eleven transactions were recorded in Christie’s table of corporate deals, with TDR, the most acquisitive. The Business 20/02/05 page 21