Those involved in the sale of major pubs in Dublin deny the sales to property companies are motivated by declining returns in the trade.
John Ryan of CR Richard Ellis, who has been involved in the sales of a string of pubs - the Dollymount House in Clontarf, the Swiss Cottage in Santry, the Greyhound Inn in Blanchardstown and the Orchard in Rathfarnham - says it is too simple an analysis to say the trade is struggling and that property disposals represent a convenient way out.
"Most pubs have been trading well. Yes they have their ups and downs and challenges but they usually bounce back.
"I wouldn't say people are cashing in because the trade is in trouble".
But he concedes that publicans are being encouraged to look at the kind of returns available for pubs if they opt for "alternative use".
It is understood that the vast majority of pub sales in Dublin are handled either by Mr Ryan, pub property agent John Young or Morrisseys Estate Agents.
While the three agents are benefiting from the cashing-in activity, Mr Ryan says the sale of Dollymount House to property developer Seán McKeon disproves the theory of unsuccessful pubs finding a way to cash in their property value of their pubs.
He says in that case the owner Leo Fitzgerald was close to retirement and wanted to get out of the pub, although he has retained ownership of the Elphin Pub in Baldoyle.
A look at the accounts for Dollymount House provides no conclusive evidence one way or the other. Turnover at the pub did fall in the year to the end of February 2005 from €4.1 million to €3.8 million and the pub did post a pretax loss of slightly more than €82,000. But this was actually down on the previous year and costs were falling.
Mr Ryan argues that sometimes pubs are "simply in the right place at the right time". He says the key factors are location, zoning and site area. The Dollymount House on a one acre site over looking Bull Island and Royal Dublin Golf Club and was a perfect example, he says. "Essentially pubs are often in the best location in area, near main roads and with car parks. This is what helps them to sell. They also have great flexibility because of their zoning".
He says the pub licences also have a value of between €165,000 and €170,000 and pub owners who sell out can pass these onto retailers, who use them for their off-licences. He says discount stores like Aldi and Lidl are among the biggest purchasers of pub licences in Ireland at present.
