A subtle and clever move for the Black Horse by James Murray
It looks like Fuller's have picked up a formidable opponent in James Murray who appears to have identified the weak spot in their plans for the Black Horse.
Implicit in the news item on the front page is that the end game for Fuller's is a property development but, crucially, they can't include the value of the site if it was converted into residential when marketing the pub.
This means that another pub company could take it over, reopen the pub but still have the asset value of the site it if it proved to be genuinely unviable.
The danger is that an informal cartel operates between the pub groups who won't frustrate their competitors plans to develop their sites for fear the same would happen to them.
If not, Fuller's may employ every trick in the book to stop the sale going through but they would find it hard to explain why they didn't accept reasonable offers for a site
Gordon Southwell ● 452d0 Comments