Just a couple of comments. A year or two after WJG was floated the founding family members sold all their shares in the business and headed for the hills. That was more than an omen! YNGA is a well-respected business, with a great product. the asset backing may seem stronger than it really is though. A pub worth say £1m, if it becomes redundant, turns into a building worth a quarter of that. This example may also be further complicated by the fact several of their premises are listed, and conversion to alternative uses may be awkward. Having said that, I think you are bang on: this is certainly a business worth watching.
Finally, can I just say "thank you" for all your hard work, intelligence and diligence here. I have found your work really informative, entertaining and useful. I am truly grateful for your willingness to share here.
Just a couple of comments. A year or two after WJG was floated the founding family members sold all their shares in the business and headed for the hills. That was more than an omen! YNGA is a well-respected business, with a great product. the asset backing may seem stronger than it really is though. A pub worth say £1m, if it becomes redundant, turns into a building worth a quarter of that. This example may also be further complicated by the fact several of their premises are listed, and conversion to alternative uses may be awkward. Having said that, I think you are bang on: this is certainly a business worth watching.
Finally, can I just say "thank you" for all your hard work, intelligence and diligence here. I have found your work really informative, entertaining and useful. I am truly grateful for your willingness to share here.
Thanks for your words and insights!