Pub Companies - Business and Enterprise Committee Contents

Supplementary evidence from the Royal Institution of Chartered Surveyors (RICS)


  The Royal Institution of Chartered Surveyors (RICS) would like to offer clarification to Mr Morgan's comments on TISC recommendations at the inquiry earlier last month.

  Following the publication of the previous Committee's report, RICS' Trade-Related Valuation Group examined in detail the recommendations and concluded these were not issues which directly relate to valuation methodology; they relate primarily to the operation of the pubco business and the public houses that form part of that business. For this reason, we did not include the findings in our general guidance on the profits-related valuation method, because they were not appropriate, and not, as suggested, because we did not agree with them.

  The RICS Valuation Standards (the Red Book), and in particular GN1, follows the International Valuation Standards which relate to the profits method of valuation on a global basis. Valuation Information Paper 2 has also been revised to address certain rental valuation issues. Both these papers were sent to the Committee in our submission dated 26 September 2008.

  We hope you will take this into consideration in your final report and we would be glad to provide further guidance on this or other property-related matters.

1 December 2008

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