<p><strong>From:</strong> James McCulloch &lt;<a href="mailto:james@harcourtinns.co.uk">james@harcourtinns.co.uk</a>&gt;<br />
<strong>Date:</strong> 18 August 2020 at 08:11:49 BST<br />
<strong>To:</strong> John Soden &lt;<a href="mailto:john.soden@moorgateindustries.com">john.soden@moorgateindustries.com</a>&gt;<br />
<strong>Subject:</strong> <strong>RE:&nbsp; Harcourt Pubs</strong></p>

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<p>Mike is looking to help me from a hands-on operational and strategic point of view.</p>

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<p>He is currently Chairman of Alegeco Group and is an NED of Avant Homes and was Executive Chairman of ICWG up to the point of sale and an NED of EG Group.</p>

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<p>I can confirm that the management agreements have not materially changed since the capital raises. Only the fees (2%) disclosed in the offer document have been charged and certainly not any profit share based fees and I&rsquo;m confident that Rachel can clear up any issues surrounding the quantum of fees. &nbsp;&nbsp;</p>

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<p>Harcourt Inns entered into operating agreements with each pubco after each capital raise. I have no issue in asking Rachel to release management accounts for Harcourt Inns so you can see that firstly it makes no profit and secondly I have not made any money whatsoever from Harcourt Inns. Rachel can even provide a breakdown of the salaries and consultancy costs (as Henry was originally employed as a consultant) so you can see no monies have flowed to me or anyone connected to me.</p>

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<p>Holborn Leisure (latterly Harcourt Inns) was created to provide central functions to the pubs that individually they wouldn&rsquo;t normally be able to afford. Naturally these central costs need to be apportioned to each pub and there is a period when the full portfolio isn&rsquo;t up and running and so apportionment isn&rsquo;t an exact science. This certainly isn&rsquo;t exclusive to Harcourt Inns as only recently I heard examples of similar cases, one of which is between the owner of a single large shopping centre and the operator of the global portfolio of shopping centres.</p>