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@Dammit
It all went a bit crazy for a while in the mid nineties, with lots of highly leveraged buyouts of pub-estates.
For a while Nomura (Japanese investment bank) was the largest Pub Landlord in the UK (or rather it owned the most pubs).
The law at the time stopped a brewery from owning more than a certain number of pubs in order to prevent this sort of thing happening- which is why during that period the breweries were divorced from the pub estates- think Bass splitting into (first) Six Continents, then Mitchels And Butler for all the managed houses and Coors for the brewing side.
I worked in the industry for years, and the vast majority of the senior management were accountants.