What It Takes to Run One of London's Most Popular Pubs

SPEAKER_2 (0:02)

Bloomberg Audio Studios, Podcasts, Radio, News.

Joe Weisenthal (0:18)

Hello and welcome to another episode of the Odd Lots podcast. I'm Joe Weisenthal.

Tracy Alloway (0:22)

And I'm Tracy Alloway.

Joe Weisenthal (0:23)

Today, you are going to be treated to a special two-part episode. We are here in London, and so we wanted to learn about the business of pubs, of course. And so we are bringing you first an interview with famed publican Oisin Rogers. He is the co-founder of the pub, the Devonshire. And then in the second half, that will be an interview that was recorded live at a show that we're doing here in London with the chef at the Devonshire, Ashley Palmer-Watts.

Tracy Alloway (0:48)

Take a listen.

Joe Weisenthal (0:50)

You know, we've talked about this before. Some of my favorite episodes, and I mean this completely unironically, are when we talk to people in the food service industry in some way. Because I truly think that, you know, what we specialize in, which is sort of where the macro meets the micro, etc. There are so many, whether it's labor costs, food costs, consumer sentiment, consumer appetites, etc.

There are so many things that only someone in that specific industry gets a real view on at any given moment.

Tracy Alloway (1:21)

No, totally. Restaurants and food service in general are great microcosms of macro trends.

Joe Weisenthal (1:27)

And so, since we're in London, you know, a lot of the same restaurants, a lot of the same things, but of course, there are a lot of pubs here and we don't have as many in the US. And to the extent we have them in the US, I think they're like fake, right? They're like replicas, they're bars that have the aesthetics of a pub.

Tracy Alloway (1:46)

Can I say one thing? So I woke up this morning and I turned on BBC News and one of the top headlines was, two pubs closing every day. And for as long as I can remember, since I came to the UK for university and then stayed for a decade, every year there have been these reports saying that pubs are closing down and it's been going on I guess for 20 years now. And I'm very curious what is cited as the reason now because you would feel like the reason pubs are closing in say 2002 versus why they're closing in 2026 would be different.

But the trend overall seems to remain the same.

Joe Weisenthal (2:25)

It seems tough. Supposedly Gen Z, they don't drink as much, which I think, but that can't, that doesn't explain why that would have been a trend in say 2002, right?

Tracy Alloway (2:35)

Right, that's my point.

Joe Weisenthal (2:36)

There's another headline recently, apparently, a pint has breached the 10-pound mark in some pubs, which is like a big deal. I mean, in New York, $10 is like we're used to that, but I guess the 10 pounds are worth more, pubs that sort of-

Tracy Alloway (2:50)

There would have been a riot at my university if anyone tried to charge 10 pounds for a pint.

Joe Weisenthal (2:55)

So anyway, while we're here in New York-

Tracy Alloway (2:57)

Of course, back then, we were all drinking terrible things like Bacardi Breezers and things like that. But anyway, carry on.

Joe Weisenthal (3:03)

My wife, she briefly worked at a pub in Ireland, and apparently they got really upset with the quality for poor. They're like, not drinking bad. Anyway, I don't think that lasted very long. Anyway, we're here in London. We got to do a pub episode.

Tracy Alloway (3:17)

Let's do it.

Joe Weisenthal (3:18)

I'm very excited to say we really do have the perfect guest. We're going to be speaking with one of the most famous, if not the most famous publican in the UK. I don't exactly know what a publican is or what defines a publican.

Tracy Alloway (3:32)

We're about to find out, Joe.

Joe Weisenthal (3:33)

I'm about to find out. We're going to be speaking with Oisin Rogers. He is the co-founder of the Devonshire, one of the most popular pubs in the city. We're going to learn all about the pub business. Oisin, thank you so much for coming on Odd Lots.

Oisin Rogers (3:45)

Joe, it's great to be here. Thank you so much.

Joe Weisenthal (3:48)

What is a pub? What's the difference? I've flown all the way from New York City to London to ask just one simple question. Then when I get the answer, I'll be ready to go home.

Tracy Alloway (3:55)

I think this is actually an important question.

Joe Weisenthal (3:57)