Keeping on an even keel, but for how long?

There are times when I 'get it in the neck' for something I've written. It comes with the territory. Sometimes I get it in the neck from licensees who think I've been too soft on the big pub operators. And sometimes the latter think I've highlighted too negative an angle to an otherwise 'positive statement'.

But as I said to Enterprise Inns chief executive Ted Tuppen last week, if I manage to irritate both sides in equal measure I reckon I must be getting it about right.

Now, call me naïve but I believe the bosses of pub operations - brewer types and the 'property companies' - are genuine when they speak of their commitment to their respective companies' lessees. It's not in their interest to see their 'cash cows', namely the pubs they own but whom their lessees operate, go to the wall.

But things do seem to be unravelling further down the food chain. Never mind the issue of pub values, which I know vexes a lot of people; rent is fast becoming the elephant in the room. Hard-pressed licensees have seen rents rising to the extent that any more increases and they fear they'll tip over into financial ruin.

In a near-zero inflationary environment should rents be rising at all? Some licensees tell me their BDMs have indicated that their rents will rise at their next review regardless, while any concessions currently in place are likely to be removed.

I don't know how widespread such cases are. But quantifiable or not, with everyone under the cosh these days one can see why people are worried…

Action, as well as reassurance, from property landlords is vital in this market. True, nothing comes without its price; even support for - and from - beleaguered licensees. If that price happens to be more transparency on both sides, surely it's one worth paying.