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Regarding the government threat to limit charges on tenants, I think it was Belvoir Lettings (LON:BLV) that put out a statement that similar legislation in Scotland some years back had no real impact on agents' profits, and perhaps M Winkworth (LON:WINK) that suggested that they might take a 9% hit. I think Property Franchise (LON:TPFG) also had a largely dismissive response. Of more relevance to…

T Clarke (LON:CTO) has, as Graham says, very thin margins. This may be a deterrent. Also a couple of years back there were problems with contracts they inherited from a takeover. This could easily reoccur. There is also some inflexibility in the workforce, which is all directly employed: no agency staff here! (I hold and am happy to do so. My nephew is a former…

Thanks to all here. Some well informed and enlightening comments. The Mothercare (LON:MTC) comparison seems very valid. Overall it seems best to watch and wait.

Do you think this might be a decent entry point? PER = 9, Yield (though cut) = c8%, debt is offset by property holdings, on line sales showing some improvement, and the persistence of a fairly resilient franchise model abroad lessens risk. Unsurprisingly the house broker gives it a 'buy'. The results yesterday effectively gave a 4% drop across the board, and the negative retail…

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