Holes tied houses in 1968

There's a single document relating to James Hole in the London Metropolitan Archives. It's the valuation made for Courage Barclay Simonds in February 1968, presumably in preparation for their bid for the brewery.

It's revealing in several ways. First and foremost it shows how much of the brewery's capital was tied up in pubs. Pubs accounted for 86% of the valuation. Of course, it was the pubs that Courage were primarily after. 207 of them in all.

That's one of the reasons the whole merger thing started in the 1950's. Financial analysts noticed how poor the return on the capital was at most breweries. Because a tied estate amounted to a huge amount of capital compared to the size of the business. It's a strange model. When I was younger I wasn't aware that the enormous pub estates of brewers had a political origin.

Brewers had owned some pubs for a long while. In the 18th-century London Porter brewers like Whitbread and Barclay Perkins had already built up estates of pubs. But the majority of pubs remained outside the ownership of brewers. It was only at the end of the 19th century, when changes to the licensing regime made it virtually impossible to get a new licence and local authorities were actively trying to reduce the number of pubs, especially beerhouses.

This is how much the number of pubs fell:

Pubs in England & Wales
Date	Full	Beer / wine	Total Pubs
1895			103,341
1900			102,189
1905			99,478
1910	64,129	28,355	92,484
1914	62,104	25,556	87,660
1920	60,021	23,411	83,432
Source:
Brewers' Almanack 1971, page 83.

I make that a fall of over 19% between 1895 and 1920. Very considerable. Especially when you consider than between 1891 and 1921 the population of England and Wales grew from 29,001,400 to 37,886,700 - an increase of 30%.

With a dwindling number of potential outlets breweries began to buy every pub that they could. The process was financed from the capital raised when breweries moved from being partnerships to limited companies. It lead to ridiculous prices being paid. In the 1890's, pubs in the East End of London were selling for £10,000, £20,000 or even £30,000. With a pint of beer cost just 2d (so you'd get 120 pints for £1) those are astronomical sums.

Here's a summary of the  valuation:

Freehold pubs	£3,610,300
Leasehold pubs	£230,850
total pubs	£3,841,150
Freehold off-licences	£83,700
Leasehold off-licences	£3,400
The brewery	£474,600
Detached unlicensed properties	£35,800
total	£4,438,650
Source:
Document ACC/2305/41/1 held at the London Metropolitan Archives

Holes Castle Brewery surprisingly remained open until 1982. Looking at it now, it seems unlikely that it should have hung around so long. John Smiths closed Warwicks & Richardsons, the other Newark brewery, virtually immediately after taking control. I wonder why Holes survived so long?

I'd love to know what the Castle Brewery's capacity was. When originally constructed in the 1890's, it brewed about 50,000 barrels a year. In the 1980's they were still using the same brewhouse and I don't believe that it had been extended. My guess would be that it was no more than 200,000 barrels at the very most.

Anyway, here's the full list of Holes pubs, along with their value. It's sad to think that the Robin Hood Hotel, one of their most valuable pubs, is currently abandoned and crumbling, and despite being listed, likely to be demolished.

James Hole tied houses by county
Pub	Street	Village	Town	County	Value
Red Lion	High Street,		Alfreton,	Derbys.	19,200
Station Hotel	Mansfield Road,		Alfreton,	Derbys.	27,300
Blue Bell		North Wingfield,	Chesterfield,	Derbys.	12,700
Commercial		Pilsley	Chesterfield,	Derbys.	19,500
Three Horse Shoes		Clay Cross,	Chesterfield,	Derbys.	9,400
New Inn			Newton,	Derbys.	5,700
Woolpack			Shirland,	Derbys.	9,700
Egyptian Queen	Cedar Road,		Blaby,	Leics.	35,000
Cocked Hat	Cropatch Drive,		Coalville	Leics.	40,000
King William IV			Countesthorpe,	Leics.	12,500
Fountain Inn	Humberstone Gate,		Leicester,	Leics.	32,400
Golden Age	Ramsey Way,	Netherhall Estate,	Leicester.	Leics.	43,200
Hare & Hounds		Whitwick,	Leicester.	Leics.	5,200
Marten Inn	Marten Street,		Leicester.	Leics.	21,300
Pineapple	Burleys Way,		Leicester.	Leics.	33,500
Royal Oak		Wigston Fields,	Leicester.	Leics.	56,000
Sir Charles Napier	Glenfield Road,		Leicester.	Leics.	42,000
Swan & Rushes	1, Infirmary Square,		Leicester.	Leics.	12,700
Tudor Rose	Holderness Road,	Mowacre Hill Estate.	Leicester.	Leics.	60,000
Wyvern Arms	Kerrysdale Avenue.		Leicester.	Leics.	39,000
Cherry Tree	Hume Street,		Louborough,	Leics.	19,700
Sea Around Us	Ashby New Road,		Loughborough	Leics.	84,000
Curzon Arms		Woodhouse Eaves,	Loughborough,	Leics.	23,000
Generous Briton		Costock,	Loughborough,	Leics.	7,000
Nags Head		Mountsorrel,	Loughborough,	Leics.	8,600
Kings Head Hotel	Mercer Row,		Louth,	Leics.	30,700
George Inn		Ashley,	Market Harborough,	Leics.	7,700
Plough Inn		Caldecott,	Market Harborough,	Leics.	11,000
Burmese Cat	Hartopp Road,		Melton Mowbray,	Leics.	37,000
George Hotel	High Street,		Melton Mowbray,	Leics.	65,000
George & Dragon		Waltham-on-the-Wolds	Melton Mowbray,	Leics.	6,700
Royal Horse Shoes		Waltham.	Melton Mowbray,	Leics.	18,000
New Inn	64, London Road,		Oadby,	Leics.	25,800
Cock inn			Peatling Magna,	Leics.	9,000
Crown Inn			Osgodby,	Lincs.	5,800
Black Horse			Alford,	Lincs.	5,100
George Hotel			Alford,	Lincs.	7,200
Butchers Arms			Ancaster,	Lincs.	9,000
Fosseway			Aubourn,	Lincs.	41,500
Black Horse			Bardney,	Lincs.	8,400
Blue Bell			Belchford,	Lincs.	3,700
George & Dragon			Billingborough,	Lincs.	6,700
Marquis of Granby			Binbrook,	Lincs.	14,000
Bell			Bishopbridge,	Lincs.	9,600
Kings Head	Emery Lane,		Boston,	Lincs.	30,000
Moores Arms		Frampton,	Boston,	Lincs.	5,600
Queen of Spades	Wellington Road	Woad Farm Estate,	Boston,	Lincs.	37,000
Axe & Cleaver		West Street,	Boston,	Lincs.	54,000
Cross Keys	Wide Bargate,		Boston,	Lincs.	20,000
Half Moon	57, Heaton Street,		Gainsborough,,	Lincs.	18,200
Chequers inn	25, Market Place,		Grantham,	Lincs.	14,000
Cross Swords		Skillington.	Grantham,	Lincs.	5,500
Glaziers Arms		Corby,	Grantham,	Lincs.	5,500
Green Man		Ropsley,	Grantham,	Lincs.	5,600
Royal Oak		Swayfield,	Grantham,	Lincs.	3,500
Royal Queen	Belton Lane,		Grantham,	Lincs.	30,000
Three Tuns		Castle Bytham,	Grantham,	Lincs.	4,500
Welby Arms		Allington,	Grantham,	Lincs.	8,600
White Hart Hotel	High Street,		Grantham,	Lincs.	50,000
Woodhouse Arms		Corby.	Grantham,	Lincs.	8,000
Angel Inn		South Witham.	Grantham,	Lincs.	6,000
Welby Arms		Denton,	Grantham,	Lincs.	6,500
Waggon & Horses		Caythorpe,	Grantham.	Lincs.	11,000
George & Dragon			Hagworthingham,	Lincs.	7,000
Fighting Cocks			Horncastle,	Lincs.	6,800
Ship Hotel			Horncastle,	Lincs.	4,400
Elder Tree			Horsington.	Lincs.	3,700
Black Horse	6. Eastgate,		Lincoln	Lincs.	13,800
Black Horse		Nettleham,	Lincoln.	Lincs.	11,400
Ivy Tavern		Newport,	Lincoln	Lincs.	11,000
Crown Inn		Glentham,	Lincoln,	Lincs.	7,700
George Hotel		Langworth,	Lincoln,	Lincs.	36,600
Lord Nelson		Dunholme,	Lincoln,	Lincs.	19,000
Star & Garter		Metheringham,	Lincoln,	Lincs.	28,400
Wild Life	Birchwood Avenue,	Birchwood Estate,	Lincoln,	Lincs.	80,000
Bowling Green	324, Wragby Road,		Lincoln.	Lincs.	40,200
Bugle Horn		Bassingham,	Lincoln.	Lincs.	9,700
Burton Arms	70, West Parade,		Lincoln.	Lincs.	14,300
Carholme inn	Gresham Street,		Lincoln.	Lincs.	10,700
Centurion	Newark Road,	North Hykeham,	Lincoln.	Lincs.	41,300
Hare & Hounds	High Street,		Lincoln.	Lincs.	19,100
Lincoln Imp	Blankney Crescent,	Ermine Estate,	Lincoln.	Lincs.	91,500
Lion & Snake	Bailgate,		Lincoln.	Lincs.	17,000
Millers Anns			Lincoln.	Lincs.	19,000
Nags Head		Middle Rasen,	Lincoln.	Lincs.	8,900
Olde Crowne	Clasketgate,		Lincoln.	Lincs.	46,000
Queen Hotel	323, High Street,		Lincoln.	Lincs.	53,700
Ripon Arms	Monson Street		Lincoln.	Lincs.	13,200
Roaring Meg	Nettleham Road,		Lincoln.	Lincs.	38,000
Royal Villian IV	Brayford Wharf,		Lincoln.	Lincs.	14,600
Joiners Arms	Victoria Street,		Llncoln.	Lincs.	9,000
Black Horse			Ludford-Parva,	Lincs.	3,600
Brownlow Arms		Faldingworth,	Market Rasen,	Lincs.	6,900
George Inn			Market Rasen,	Lincs.	5,200
Gordon Arms	Queen Street,		Market Rasen,	Lincs.	17,200
Kings Head			Market Rasen,	Lincs.	10,000
Railway Inn			Market Rasen,	Lincs.	5,600
Red Lion			Market Rasen,	Lincs.	3,500
White Hart			Newton-on-Trent,	Lincs.	4,600
White Hart			North Scarle,	Lincs.	6,900
Shoulder of Mutton	Church Street,		Ruskington,	Lincs.	15,000
Old White Hart	Southgate.		Sleaford,	Lincs.	30,000
White Horse		Heckington,	Sleaford,	Lincs.	4,100
Birds		Halmergate,	Spalding,	Lincs.	35,000
Black Swan	New Road,		Spalding,	Lincs.	19,500
Bull Inn		Pinchbeck,	Spalding,	Lincs.	15,500
Hole in the Wall Inn			Spalding,	Lincs.	12,000
Horse & Jockey		Pinchbeck,	Spalding,	Lincs.	5,000
Lincoln Arms	4, Bridge Street,		Spalding,	Lincs.	14,100
Northern Hotel			Spalding,	Lincs.	12,100
Ram Inn		Holbeach,	Spalding,	Lincs.	14,400
Ram Skin	Double Street,		Spalding,	Lincs.	6,500
Red Cow		Donington,	Spalding,	Lincs.	16,500
Vine Inn	Commercial Road,		Spalding,	Lincs.	13,000
Welland Inn			Spalding,	Lincs.	7,500
Red Lion		Raithby,	Spilsby,	Lincs.	3,300
Brewery Tap		Geeston, Ketton,	Stamford,	Lincs.	4,700
Lincolnshire Poacher	Broad Street,		Stamford,	Lincs.	35,600
Millstone Inn		Ryhall,	Stamford,	Lincs.	5,500
Halfway House			Swinderby,	Lincs.	20,900
Plough Inn			Swinderby,	Lincs.	3,500
Blue Bell			Tattershall Thorpe,	Lincs.	7,400
Kings Head			Tealby,	Lincs.	8,000
Angel Inn			Wainfleet,	Lincs.	6,300
Hunters Leap			Washingborough,	Lincs.	19,600
Abbey Lodge		Kirkstead,	Woodhall Spa,	Lincs.	9,700
Mall Hotel			Woodhall Spa,	Lincs.	10,000
Shire Horse	Wlllowbrook Road.		Corby,	Northants.	29,500
Cross Keys			Kingscliffe,	Northants.	7,000
Black Horse			Nassington,	Northants.	3,300
Crown & Woolpack		Conington,	Peterborough	Northants.	0
Heron Hotel		Stanground,	Peterborough,	Northants.	30,000
Mermaid		Wansford,	Peterborough,	Northants.	15,600
Walnut Tree		Deeping St. James,	Peterborough,	Northants.	4,500
Admiral Inn		Holme,	Peterborough,	Northants.	450
White Horse	Church Street,	Market Deeping,	Peterborough.	Northants.	19,000
Wheel & Compass			Weston-by-Welland,	Northants.	5,700
Manor Arms			Elton,	Notts.	10,000
Limeburners Arms			Kirkby-in-Ashfield,	Notts.	8,100
Angel Inn			Mansfield Woodhouse,	Notts.	10,700
Portland Hotel	High Street,		Mansfield Woodhouse,	Notts.	17,300
Charter Arms	Exchange Row,		Mansfield,	Notts.	27,500
Flamingo	Oak Tree Lane,		Mansfield,	Notts.	65,000
Horse & Jockey	Leeming Street,		Mansfield,	Notts.	63,000
Prince Charles	Clipstone Road,	Forest Town,	Mansfield,	Notts.	37,300
Boot & Shoe		Weston,	Newark,	Notts.	8,000
Bowling Green	83, Appletongate,		Newark,	Notts.	45,600
Castle & Falcon	London Road.		Newark,	Notts.	8,800
Crown Inn		Bathley,	Newark,	Notts.	3,800
Crown & Cushion	Albion Street,		Newark,	Notts.	7,100
Fox Inn		Kelham,	Newark,	Notts.	29,500
Fox & Crown	Appletongate;		Newark,	Notts.	13,700
Grove Hotel		New Balderton,	Newark,	Notts.	26,900
Hole Arms		Caunton,	Newark,	Notts.	5,300
Kings Arms	King Street,		Newark,	Notts.	9,300
Malt Shovel	North Gate,		Newark,	Notts.	8,500
Midland Hotel	Muskham Road,		Newark,	Notts.	23,800
Nags Head		Sutton-on-Trent,	Newark,	Notts.	7,200
New Inn	99, Barnbygate,		Newark,	Notts.	19,800
Newcastle Arms		North Muskham,	Newark,	Notts.	10,600
Pauncefote Arms		East Stoke.	Newark,	Notts.	16,700
Plough Inn		Coddington,	Newark,	Notts.	15,500
Robin Hood Hotel	Lombard Street,		Newark,	Notts.	82,000
Rose & Crown	Main Street,	Balderton,	Newark,	Notts.	13,300
Rose & Crown		Farndon,	Newark,	Notts.	14,600
Royal Oak		Collingham,	Newark,	Notts.	10,000
Royal Oak	Castlegate,		Newark,	Notts.	10,300
Spread Eagle	Middlegate.		Newark,	Notts.	13,500
Vine Hotel	117, Barnbygate,		Newark,	Notts.	27,300
Watermill Inn	Millgate,		Newark,	Notts.	7,200
Wheatsheaf			Newark,	Notts.	11,000
Wheatsheaf Inn	Slaughterhouse Lane,		Newark,	Notts.	10,200
White Hind	Cartergate,		Newark,	Notts.	23,600
Willow Tree		Barnby,	Newark,	Notts.	7,800
Woolpack		Claypole,	Newark,	Notts.	11,500
Woolpack	Stodman Street,		Newark,	Notts.	8,000
Duke of Cumberland	Middlegate.		Newark,	Notts.	4,000
Three Tuns	Warser Gate,		Nottingham,	Notts.	11,000
Newcastle Arms	68, North Sherwood Street,		Nottingham.	Notts.	13,200
Red Cow	Windmill Lane,		Nottingham.	Notts.	17,800
Yew Tree	Nottingham Road.	Hucknall,	Nottingham.	Notts.	18,000
Stadium Hotel	Ice stadium		Nottingham.	Notts.	500
Greyhound Inn	Mansfield Road,		Skegby,	Notts.	13,700
Admiral Nelson		Westhorpe,	Southwell,	Notts.	10,700
Saracens Head Hotel			Southwell,	Notts.	83,600
Blue Bell	Mansfield Hoad,		Sutton-in-Ashfield,	Notts.	10,000
New Cross	Outram Street,		Sutton-in-Ashfield,	Notts.
Railway Inn			Sutton-in-Ashfield,	Notts.	10,000
Red Lion			Thurgarton,	Notts.	13,300
Gate Inn	Mansfield Road,		Warson,	Notts.	10,900
Royal Oak		Bakestone Moor,	Whitwell,	Notts.	8,000
Dukeries	Bridge Street,		Worksop,	Notts.	19,000
Jug & Glass		Whitwall,	Worksop,	Notts.	8,300
White Swan			Worksop,	Notts.	13,000
Rose &  Crown		Creswell,	Worksop.	Notts.	10,000
Vine Hotel	17, Carlton Road.			Notts.	23,700
Exeter Arms	Mid Village Road,		Barrowden,	Rutland.	2,400
White Horse			Empingham,	Rutland.	11,700
Black Horse		Greetham,	Oakham,	Rutland.	6,300
Fox & Hounds		North Luffenham,	Oakham,	Rutland.	10,600
George Hotel			Oakham,	Rutland.	21,500
Prince of Wales			Oakham,	Rutland.	6,000
Wheatsheaf		Edith Weston,	Oakham,	Rutland.	12,500
Joiners Arms		Bruntingthorpe,	Rugby,	Warwicks.	7,300
Full House	Rotherham Road,	Monk Bretton,	Barnsley.	Yorks.	55,000
Cross Keys		Gringley-on-the-Hill,	Doncaster,	Yorks.	8,800
Two Palfreys	Acacia Road,	Cantley Estate,	Doncaster.	Yorks.	76,000
Source:
Document ACC/2305/41/1 held at the London Metropolitan Archives

I realise this has limited appeal to anyone unconnected with Newark. But that's the point of blogging. No-one is telling you what to write about.

Surprisingly the Two Palfreys still exists. Why surprising? Because it's an estate pub. Many of those have closed in the last two decades.