The latest Pubs Code Adjudicator (PCA) for England and Wales annual survey has revealed tenants are less satisfied with their pub companies, dropping from 61 per cent in 2025 to 56 per cent.

The PCA has also launched an investigation into Stonegate Group over suspicions it may have failed to comply with its legal obligations under the Pubs Code, specifically in relation to its duties to provide accurate and transparent information to both its existing and prospective tied pub tenants. This investigation follows a period of close regulatory engagement and will allow for a proportionate and targeted examination of Stonegate's conduct between 15 July 2021-14 July 2026.  

The PCA is now calling for evidence from current and former tenants of Stonegate who may be affected by the issues within the scope of the investigation. The PCA also welcomes evidence from any other interested parties who believe that they may hold relevant evidence.

This annual survey reports the views of around 1,200 tenants tied to “the Big Six” companies operating under the Pubs Code.

The results show satisfaction with Marston’s, Admiral and Greene King saw the biggest drop, with the first falling by nine per cent. 

Percentage figures for individual companies are: Admiral: 72; Greene King: 71; Star: 67; Marston’s: 63; Punch: 55 and Stonegate: 39.

Rising costs, inadequate repairs, poor communications and one-sided business relationships were all raised as problems.

Further criticisms included the relationship not being a partnership, price increases, insensitivity to market pressures, profit being a major driver and problems over support.  

• 70 per cent of tenants reported a satisfactory relationship with their business development manager  
• six in 10 who had recently entered into rent negotiations felt that the company had handled the process fairly  
• only 41 per cent were happy with how companies dealt with repairs for which they were responsible. 

Yet positives were also highlighted, including “effective communication and responsiveness”, with examples given of where the partnership works well.

While 82 per cent of tenants were aware of the Pubs Code, only 65 per cent knew about the adjudicator, who has responsibility for enforcing compliance. 

CAMRA wants to see pub companies reporting the findings to prospective tenants, to ensure transparency for people looking to take on pubs.

The annual survey only deals with companies which own more than 500 pubs. CAMRA wants to see this widened to get a better understanding, including external factors which could impact on people’s experiences and highlight areas which need urgent attention.  

The 2026 survey results and full report are here.

Adjudicator Fiona Dickie said: “The general decline in overall tied tenant satisfaction this year is a matter of concern. While these results may reflect some of the wider pressures facing the sector, pub-owning businesses must be supporting their tenants more than ever.” 

Introduced in 2016, the Pubs Code regulates the relationship between pub companies owning 500 or more tied pubs in England and Wales and their tenants, including negotiating or considering an agreement.

It also addresses serious and long-standing concerns about the relationship between large pub companies and their tied tenants. 

Last year, the government started the third statutory review of the Pubs Code and PCA, which CAMRA made a detailed submission to, highlighting where it wanted to see change. The Campaign is now awaiting the findings and will be responding. 

CAMRA focused on the need for the government to: 

• retain the code and adjudicator and to significantly strengthen its powers instead of abolishing it or merging it with another regulator 
• introduce far greater information and opportunities to be given to tied tenants to strengthen their position when dealing with their pub-owning business and to ensure they are treated fairly
• gather evidence on whether the code should be extended to cover (a) tied tenants of pub companies with fewer than 500 pubs and (b) management, franchise and hybrid agreements that have similarities to the tied pubs model, but which currently don’t fall under the scope of the code. 

This review only covers England and Wales. The Scottish Pubs Code and adjudicator came into force last year and CAMRA is monitoring its performance and its impact on tied tenants and improving consumer choice. 

Tied pubs in the traditional sense do not operate in Northern Ireland, but the recent independent review of the licensing system by the University of Stirling found evidence of restrictive tie agreements from big brewing businesses, which limit the ability for licensees to choose the beer and cider they want to serve. This is one of many reasons why CAMRA is campaigning for fundamental reform of NI’s licensing laws to deliver a better choice of pubs, beer and cider.