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The Financial Director interview - That's the way to do it.

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| November 01, 2004 | COPYRIGHT 2004 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Financial Director)

Byline: Tom Berry.

If you work in the pubs business, you have to get used to uncertainty. While the underlying business is fairly straightforward - company buys pub, company rents pub to landlord, company sells beer to landlord, company buys more pubs - nearly 10 years of divestments, mergers and acquisitions mean the industry pint of the 'usual' has been replaced by a more fizzy and unpredictable cocktail.

Robert McDonald, FD at Punch Taverns, has worked in the industry for more than 20 years and has seen plenty of change. He joined Allied Domecq in 1982 when the pubs were dominated by big brewers catering for old men ...

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