Find A Pub To Let: Top Tips For Securing A Great Tenancy
Date added: Mon, 25/06/2018 - 10:00
Want to secure a really great pub tenancy? Preparation is vital if you are to be in the right position at the right time to get the pub of your dreams. It’s a bit like buying a home; some pubs get snapped up very quickly just like popular houses. If you want to be in with a chance of getting the pub you want, get organised and make sure you have everything in place well in advance.
Here’s a checklist of what you’ll need:
Capital – Have You Got Enough Cash For A Pub Tenancy?
Knowing just how much you can invest in your pub is definitely essential! Work out your figures and financial details well in advance of any application. Bear in mind that it is not just the deposit that will be required for a successful application – you will also need to have investment in place to cover extra costs such as professional fees, set up costs, weekly rent, opening food and drink stock, licence fees, moving costs and fixtures and fittings. Entry costs can vary from pub to pub, however you can find a breakdown of what they are on each of our pub listings under the ‘Financial Information’ tab.
Make sure you have identified exactly where you will be obtaining your investment capital, how much is available and how quickly you can use it. Having all the figures available means that you will have a clear idea as to your price bracket. You will not waste time looking at pubs that may be too expensive for your available investment, and can take instant action as soon as you find the right pub.
Your Pub Business Plan
It is never too early to think about preparing a business plan that can be easily tailored to your chosen pub. Writing a business plan is not something you can do overnight. While you’ll need financial information on the specific pub to complete your business plan, if you have a clear idea of the type of pub you wish to run it’s possible to start researching and developing a business strategy straightaway. Then when the right pub comes up you’re ready to tailor the business plan to that specific pub.
Fortunately, Greene King has made the task much easier with lots of downloadable resources in our Business Planning section of this website. Click here to access a range of Excel spreadsheets and online calculators that will help you identify all the information you need.
Find Your Professional Advisers
Taking on a pub tenancy will require the use of professional advisers such as solicitors, surveyors and accountants. Take the time while you hunt for a pub to let to identify suitable professional advisers, preferably with experience working with pub tenants. You will be developing a long term relationship with your accountant and solicitor so it’s important to find people you feel comfortable with and suit your requirements. Talk to them and find out their costs, and alert them to your plans so that you know who to contact when you find the right pub.
Compulsory Qualifications For Pub Tenants
You cannot simply take on a pub tenancy and start running it immediately. There are licences that have to be obtained and qualifications that are absolutely essential for every pub operator. These compulsory qualifications are required by law to ensure you operate the pub safely and legally, and you’ll need to have them in place to take on the a tenancy.
The key qualifications are Pre-entry Awareness Training, a Personal Licence, Food Safety and Operational safety. Obtaining all these qualifications in advance is possible and, indeed, desirable. Further information about licensing and qualifications can be found here.
Contact Different Pub Companies
As soon as you have identified your potential capital investment and your preferred location, start talking to a couple of PubCos that have pubs in your area. Making yourself known to them as early as possible in the process can be extremely helpful. They will be able to provide help and advice on everything from licensing to drawing up your business plan. They will also know of pubs that are coming up in the near future and can make suggestions to help you secure a great tenancy.
At Greene King we request that potential pub operators complete our online application form so we can start working with them. This doesn’t commit you in anyway, and you can also liaise with other pub companies at the same time. Instead it allows us to find out a bit about you and your background, and for you to explore whether you would like to run a pub with us. Click here if you’re ready to apply today.
Preparation is definitely the key to success. Taking time at the beginning to get everything right will pay off in the long term and help you secure the right pub for you.