It would require a bit of expertise to run alright, but jeez if us Irish can't run a few pubs, there's no hope for us!
I'm not sure if there would be an EU competition laws in the way. I doubt it tho as several state-owned bodies already operate on a commercial footing in other EU countries. eg ESBI, the DAA with Birmingham Airport etc.
The pubs could be used for channeling food as well as drink into the UK.