1. Welcome to Molly Malone's
Chris Thomas spoke to Clyde Mooney on the making of Molly Malone’s in one of Sydney’s oldest – and newest – parts of town.
2. Staff Crisis
We speak with leading pub groups, employment, training and benefits companies about the increasing problem of getting staff back into pubs, and what operators can and are doing to get the job done.
The highest-trending and most popular news stories of August.
Last month we hosted our Valuations seminar in conjunction with the (online) Australasian Gaming Expo. I encourage anyone that owns pub property or is looking to own and has not watched, to check it out HERE.
There is so much uncertainty in today’s environment, and much in the practise of valuations has been affected. Our expert panellists (AVC CEO Paul Waterson, KPMG director Morgan Kelly, Capital Claims director Mark Wilkins) discuss highly topical considerations, such as the protocols for ‘unusual events’ and taking the pandemic into the accounts, downward revision of revenue projection targets, and getting money out the dumpster through COVID-specific renovations.
As working assets, commercial property such as pubs benefits from cashflow and high yields when compared with most asset classes. But by the same token, their worth is judged by consistent trade, and the mandatory shutdown and consequent effects on revenue threaten to affect valuations if not mitigated and managed optimally. This is an area that may not fully manifest for years, as was seen after the GFC, and no doubt we will be discussing it again.
Demonstrably connected to valuations is of course the hotel’s ability to trade and generate revenue. Fundamentally reliant on optimising trade is access to willing and properly trained staff.
As most of the country’s pubs see pandemic restrictions ratcheting down and business begin to ramp up for the warmer months, it will likely get harder and harder for many pubs to fill all shifts. The challenge of getting boots behind the bar that has troubled the hospitality trade for years will no doubt be exacerbated by the fact so many workers have fled the industry, either in response to layoffs or aversion to job insecurity or public contact.
The looming ‘staff crisis’ featured this edition is a sufficiently complex subject we’ve determined to split it over two parts – September and October.
Any pubs interested in speaking of their experiences – on or off the record – should contact me at email@example.com
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