Admiral have put a 100 pubs up for sale, the prices have been chopped right down, it would be interesting to know how much they paid for them, is this the return to realistic valuations based on viability and not over valued pubs based on over hyped unsustainable rents, or is this reality hitting the Pub Co’s and will their Bankers start getting twitchy about Negative Equity. We are in danger of having a Sub Prime in the Leisure Industry, the Government will not bail anyone out so where do we go. The Banks in the main are beholden to the Government and are due to do their bidding, the Banks that are not beholden to the Government are not going to take any risks and Pub Co’s are now high risk and even more so if the Select Committee get the real truth about their activities.