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Examples
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The concern relates to a company called Orchid Pubs Properties Ltd, a vehicle used to hold the company's pub assets - a so-called "propco".
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Cerberus and its partners engineered the Mervyn's deal to split the retailer into a retail operating company and a property company, a strategy known in Wall Street slang as an "opco-propco" structure.
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The large shareholders don't seem to be calling for M&B to mortgage its future on the altar of an edgy propco/opco deal.
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In fact, a calculated closure and sale programme could be considered by the propco to be a sound tactic - it could increase nearby trade and generate the cash so acutely required.
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Thus, the covenant prevents this situation from arising, and forces any nearby propco and free pubs to accumulate the now spare capacity, falsely in some ways providing revenue increases at nearby outlets, thus allowing for statements of increased trade under difficult conditions and suchlike.
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You try and try, face financial woes which result in power being cut, then this leads to closure, which leads to your propco evicting you for being closed and the closure being contrary you the terms of your lease.
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You try and try, face financial woes which result in power being cut, then this leads to closure, which leads to your propco evicting you for being closed and the closure being contrary you the terms of your lease.
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If 'they' were to sell the pub without covenant, and the new owner were to run the property as a pub, one which in the hands of the previous owner failed, and made a success of it, and this happened in a number of establishments offered for sale, it would utterly disprove the operating model of the propco.
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I am well aware that anyone speaking out against the propco propaganda get sued thus my alter ego was born.
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I am well aware that anyone speaking out against the propco propaganda get sued thus my alter ego was born.
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