GRS Inns says it will compensate tenants at a pub that can't sell alcohol after the licence lapsed when London Town went into administration.
Customers have been bringing their own alcohol to the Fox Inn at Souldern, Oxfordshire, which faces being 'dry' until mid-December.
GRS Inns took control of the pub after London Town went into administration in February.
Joint tenant Alistair Tuffin said his council called him to say the premises licence had lapsed after London Town, the named premises licence holder, folded.
GRS Inns has applied for a new premises licence but this won't arrive until 13 December.
In the meantime the tenants are not allowed to sell alcohol, accept by the limited number of Temporary Events Notices that are available.
Tuffin said: "We will have been at the Fox for three years on 23 November and have slowly built up a reputation that is now in jeopardy of being destroyed.
"As you can imagine, not being able to sell alcohol has already affected the business. Fortunately our clientele is very understanding and have been bringing a bottle when they come to dine with us.
"This, however, does not help with the run up to one of our busiest times of the year, or with paying suppliers in already hard times."
GRS has paid the tenants £2,000 in initial compensation and they are to meet next Tuesday to discuss full renumeration. Rent is not being charged while the pub is unlicensed.
GRS operations director Russell Cowtheray said solicitors were employed to transfer the premises licences across the estate after London Town went into administration.
He believes the Fox Inn is a "one off" but would be checking to see if any other pubs are in the same situation.
"We are making sure [the tenants] are not out of pocket," Cowtheray insisted.
Tuffin said: "Lets see what the package they offer us is."
Cllr Nigel Morris of Cherwell District Council said: "By law owners must ensure their premises are licensed otherwise they face the possibility of a hefty fine.
"We can confirm that we are working with the company managing this pub to resolve the situation as quickly as possible."