THE AGENTS

Graham Allman

Managing director

GA-Select

Well, the news is full of stories that would seem to affect the value of the country's pub stock. The smoking ban has without doubt taken its toll, and unless the Government does a U-turn we will see more casualties as a result of a very unfair and ill-considered law.

Just read the postings on the Morning Advertiser website forum to see the passion of those within the trade and the pain the ban has caused.

Can I, within this column, on behalf of all my friends in the trade, call on Gordon Brown and New Labour to re-consider and let individual pub owners and licensees decide what happens within their own pubs and let customers vote with their feet and wallets?

For the record, I am a life-long non-smoker.

Let's look at what else has happened. It rained for eight weeks at the height of the summer, foot and mouth along with blue tongue has put the fear of God into our friends the farmers and now bird flu has struck again. Interest rates rose by 30% over the year, Northern Rock's business model caused it a major headache and it had to be propped up by a slow-moving Chancellor and the Bank of England. There have been more attacks on the trade by Gordon Brown, who is threatening a review of the 2003 Licensing Act and blaming the trade for underage drinking, binge drinking and every other social ill that the behaviour of the minority of morons within this country inflict on the well-behaved majority. This is all unfair and cannot be allowed.

So why buy a licensed business? Well, because it still offers a great lifestyle for the majority, usually around historic locations and within medieval or period properties. It also offers low in-goings and investment for those taking on a lease or freehold property that is generally valued by its business return as against local residential property valuations or bricks and mortar.

Interest in pubs did stutter during the mid to late summer period but I can report an excellent year at my company. New instructions are only slightly up on last year, however the general quality of the pubs is well above average and we expect this is fuelled by the number of retirements planned before the new capital gains taxation is applied in April 2008.