Via a variety of sources:
-They hold a ten year Enterprise lease, the freehold having subsequently been purchased by Admiral Taverns. The lease expires in November.
-They have been attempting to negotiate a new lease since last November. In that period they have had four BDMs, two of them twice, so there has been no continuity either of negotiations, or even day-to day business issues.
-They have been clear that they wished a free of tie lease, particularly since a competing Admiral pub in Reading, the Nags Head, has successful negotiated one. They have now been told that Admiral no longer offer a free of tie option, that the deal made with the lessees at the Nags was a 'gross error' and that Free of Tie leases are only offered to lessees wishing to run ethnic restaurants.
So overall, it's not looking good for the Retreat. Worst case is that this is Admiral positioning themselves to declare the business unviable and turn it residential.