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The return of the great British pub
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The return of the great British pub
18 December 2025
What readers said about this report
In 2022, British bank stocks were firmly "out".
They were widely viewed as dull, uninvestable, and structurally impaired. Since then, they've staged a remarkable comeback: NatWest +150%, Barclays +175%, and HSBC +125%.
As James Grant of Grant's Interest Rate Observer onced observed:
"Successful investing is having everyone agree with you… later."
Today, it's British pub chains that occupy a similar position in the market. Many trade at single-digit earnings multiples. They are not just considered boring – they are widely hated.
The question is whether the narrative is about to change.
Could British pub stocks deliver a recovery similar to that seen in the banking sector? And are investors once again confusing cyclical pressure with permanent decline?
This report examines those questions in detail and highlights one specific British pub chain that investors can easily access via the London Stock Exchange.
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What readers said about this report
James H.
December 2025
Thanks for this and all your excellent reports, Swen. I particularly appreciated your views on the UK market outlook and that you feel talk of a default is doom-mongering.