This is one of the CRUXES of pubco reality. Pubco reality is ALL based on hot air. There is no value in ANYTHING other than the amount of cash that can be extracted from IT at the time that suits the pubco.
Pubs are beans to pubcos. Units. They could be scarves or ties (?) or pills. What the units are is irrelevant. The only thing of relevance is HOW MUCH CASH can be extracted from the process of trading the beans and from following the transactions that take place in between trading the beans. i.e. taking a slice at every turn - and on the straights as well.
It does not matter whether the company actually OWNS anything - it is ALL ABOUT CASH. There are no moral values at stake here. It is NOT about making a social statement, it is not about making a mark in history, it is not about respecting tradition or quality or diversity or any form of intellectual or practical integrity. It is about MAKING CASH!
Selling off the bricks and mortar is exactly akin to selling off the family silver. But it doesn't matter any more because it's not a family and everyone involved at the top will walk away rich. And damn the rest of them becaue the government and tax payer will pick up the pieces so what the fcuk?