James Cutbertson

It was during a planning meeting for this edition of On market, that one of the team mentioned that what we now call On market used to be called Fleurets news, and here started the inspiration for this piece – what was the market like back at the turn of the century?

The research started by digging out several copies of Fleurets news from late ’99 and early 2000 to see what the firm and industry was up to. Copies in hand, I then wandered into the office of our chairman, Barry Gillham, to tap into the mind of one of the most experienced people in the industry, never mind, Fleurets.

As I listened to detailed accounts of what the industry looked like back then it became obvious, aside from getting a licensed trade history lesson, that I was going to learn a great deal about a trade that has changed beyond all recognition in the last 10 years.

“Boom Time”, now there’s a phrase that hasn’t seen the light of day for a while, however, in 2000, Fleurets were reporting a 40% increase in sales year-on-year, with over 230 licensed properties sold in the previous 6 months. According to one issue of Fleurets news, good quality licensed properties were in such short supply that discounted fees were being offered to those looking to sell them, and as a rule, freehold and leasehold restaurants, along with good quality pubs, were achieving high prices as buyers courted them.

Back in 2000, the teams from the seven Fleurets offices were out in the market running roadshows promoting pubs on Vanguard Leases (now Punch). They had just handled the sale of King and Barnes Brewery and 60 plus pubs to Hall and Woodhouse and the Fleurets team was rapidly expanding. In 2000, Fleurets welcomed three new members of staff: Graeme Bunn, David Sutcliffe and Chris Irving. Each of them are still with the firm, only now they hold far senior positions than when they first joined the firm. Both Graeme Bunn and David are now main board directors and  Chris is now a divisional director. 

Of all these changes, one stood out for me. Perhaps because I concentrate on the marketing of the firm, I was astounded to learn that in 2000 just 1% of the firm’s enquiries were generated by the internet, whilst 46% came directly from Fleurets news. Though On market as we now know it remains a useful generator of enquiries, the internet now, in 2010, represents 24% of the firm’s enquiries.

Barry comments: “Whilst a great deal has changed about the industry, I’m pleased to say that much has stayed the same. For example, one of the old Fleurets news articles was discussing rateable values, an issue I know is again very much in the minds of operators at this present time, as well as keeping our rating expert, Michael Yass, very busy”.  Barry adds: “I’m pleased that ten years on, elements which I considered to be our strengths back then, still hold true today. I maintain that our commitment to do business on a person-to-person basis  is the life blood of the firm, after all, this is a people business.”