McMullen's property estate is worth £176m, according to a fresh valuation in a preface to the 2002 accounts out this week. These accounts show the estate, which includes commercial property as well as 131 pubs, is presently on the books at just £66m. The uncertainty hanging over the Hertford brewer was not reflected in its profits, which grew 28% last year to £9.1m. Praising staff for their "loyalty and perseverance," chairman David McMullen said it would be some months before decisions were taken about the group's future shape. "The review of available options is proving complex, and the board continues to work with its advisers towards developing a solution that will meet the requirements of all shareholders," he said. To date, McMullen has paid out £2.3m to its professional advisers, chiefly Close Brothers, for restructuring consultancy. Turnover at the 100 managed houses rose 9%, with wet sales up 7% and food sales up 14%. Commenting on the imminent changes in licensing, McMullen said they were "deeply flawed". He added: "We believe the local authorities are not well equipped to respond to the proposed changes and that not only will costs rise significantly but that there will be increased complexity and uncertainty in the day-to-day operation of licensed outlets.
