<p>The attached spreadsheet summarises the PnL of each of the pubs, and contains a few other highlights, notably the proportion of the pubs&#39; income that is being allocated to management fee and head office expenses.</p>

<p>My concern is that James has no incentive to close the pubs as his fees accrue&nbsp; - so I think we need to make the fees conditional on:</p>

<ul>
	<li>Investor being paid a minimal dividend</li>
	<li>No debt to accrue</li>
</ul>

<p>&nbsp;</p>

<table cellspacing="0" style="border-collapse:collapse; width:523px">
	<tbody>
		<tr>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; height:40px; text-align:right; vertical-align:bottom; white-space:normal; width:122px">&nbsp;</td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Harcourt</strong></td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Coach</strong></td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Hero</strong></td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>KPH</strong></td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:none; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Crown</strong></td>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:1px solid black; text-align:right; vertical-align:bottom; white-space:normal; width:66px"><strong>Three Cranes</strong></td>
		</tr>
		<tr>
			<td style="background-color:#d9d9d9; border-bottom:none; border-left:1px solid black; border-right:1px solid black; border-top:1px solid black; height:20px; text-align:right; vertical-align:bottom; white-space:nowrap"><strong>Turnover</strong></td>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">3,303,019</td>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">2,144,132</td>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">1,112,667</td>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">2,633</td>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">331,371</td>
			<td style="border-bottom:none; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">733,318</td>
		</tr>
		<tr>
			<td style="background-color:#d9d9d9; border-bottom:1px solid black; border-left:1px solid black; border-right:1px solid black; border-top:none; height:20px; text-align:right; vertical-align:bottom; white-space:nowrap"><strong>Management fees</strong></td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">382,660</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">436,916</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">193,000</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">201,384</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">57,167</td>
			<td style="border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">116,441</td>
		</tr>
		<tr>
			<td style="border-bottom:none; border-left:none; border-right:none; border-top:none; height:20px; vertical-align:bottom; white-space:nowrap">&nbsp;</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:1px solid black; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">12%</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">20%</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">17%</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">7648%</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:none; border-top:none; vertical-align:bottom; white-space:nowrap">17%</td>
			<td style="background-color:#f2f2f2; border-bottom:1px solid black; border-left:none; border-right:1px solid black; border-top:none; vertical-align:bottom; white-space:nowrap">16%</td>
		</tr>
	</tbody>
</table>