Not just the movie companies though - The Tolkien Estate was itself royally screwed over by New Line when the Trilogy came out and they were tied up for years with trying to claw back profits lost through the small print on merchandising after the success of the films (so were Peter Jackson and the cast).
Consequently this new licensee has probably paid through the nose for the privilege of marketing Tolkiena and certainly anyone who uses images of Elijah Wood or any other cast member to promote their business IS infringing copyright quite badly so really this pub isn't quite so innocent as they make out - that IS exploiting general trademark/merchandising rights trading.
Last year The Tolkien Estate had an enormous purge on Zazzle and anything that mentioned Tolkien and especially Hobbit-related names and characters were taken off sale by the bots without exception if they so much mentioned anything that originated with Tolkien including names like Nazgul or Anduin or Mirkwood. I had a fair amount of merchandise that I had to go through and overhaul the wording before I could put them back up and I was one of the luckier people in that none of my range had artwork that featured landscapes or drawings featuring imagery derived from the films (lot of fanart with Mr Woods, Bloom and Mortenson and Ms. Blanchett and Tyler knocking around...
) so this time the merchandising is zipped up to the hilt.