Pub companies: follow-up - Business, Innovation and Skills Committee Contents


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

  It is obvious to us that the Select Committee, and industry, expect the RICS to take the lead as an independent body in helping to resolve some of the conflicts that exist in the pub industry. This includes creating a clear and transparent environment to reduce conflict and enable fair and equitable rents to be set within the industry.

REVISED GUIDANCE FOR CHARTERED SURVEYORS

  One of the main recommendations of the independent RICS PUBCO Forum which reported in October last year was the need for a thorough review of guidance on the rental valuation of pubs (Valuation Information Paper No2).

  RICS set up a working group to produce revised guidance and the first meeting was held last week, with the second scheduled to take place on the 11 February.

  This group has two parts to it. Firstly, RICS asked TRVG members Martin Willis of Fleurets, Gareth Jones of Colliers CRE and David Butters of Gerald Eve to take the specific recommendations from the Forum and to start work in producing a working draft.

  Secondly, RICS has populated the working group with surveyors representing other industry stakeholders, including Fair Pint and the BBPA.

  RICS is also seeking to engage with other interested industry parties and seek further input on the final drafting before the revisions go through the wider consultation process and presentation to the Valuation Standards Board.

CODE OF PRACTICE AT RENT REVIEW/BENCHMARKING DATA

  A wider group have been invited to input into a free standing code of practice for surveyors acting at rent review and lease renewal, and for proposals to recommend a set of some key financial variables for benchmarking data in the sector.

  Scheduled meetings with several parties who believe that they may have an answer to the benchmarking topic are due within the next few weeks.

VIEW OF INDUSTRY ACTION

  RICS welcomes the general industry efforts to change the environment in which it currently operates, such as the ALMR scheme, the BBPA Code and other initiatives from pub operating companies.

  We understand also that a few cases have now been referred to the ALMR arbitration scheme and if this produces some good results for both parties it may grow into a similar service that is not unlike the RICS Dispute Resolution Scheme.

29 January 2010






 
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