Abstract
The licensed property marked has never been busier. However, it is not one market but several. There is a drive by operators of the big theme pubs to acquire more units in retail trading areas where they compete head‐on with retailers and caterers. Valuations reflect not only the huge profits to be made from these units but also stock market valuations of the companies themselves and the alternative use values of key A1/A3 sites. The traditional tenanted pubs, the town and village “local”, is also in keen demand from expanding specialist companies who need size to be ever more efficient. These companies are in competition with those who wish to provide securitised packages of assets. This paper discusses these trends and the effect that they have on the value and valuation of licensed premises.
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