I want to buy a pub what should I do?
Buying a pub can be a hugely nerve-wracking experience with many aspects to cover before you get your name above the door.
The first step is to decide whether it is in fact the life for you. It is important also to research, plan and adapt your business strategy. Decide how you want to own the business and consider the following options:
- Take a tenancy for a number of years tied to a brewery - this business will not be your own
- Take a lease for a longer period of time which will allow you to have more control
- Purchase the freehold where every aspect of the business is yours outright.
Regardless of which option you choose, all businesses need supply chains to succeed and you must consider the costs of purchasing stock, products and equipment, including leasing of any third-party items. It may be that you want to continue with existing suppliers but also consider the opportunities available with new suppliers and the benefits of signing up to new agreements.
Licensing is an important aspect of any public house business purchase. It is important that you transfer any premises licence into your name or someone of your choosing. A premises supervisor will be responsible for ensuring that the conditions of the premises licence are complied with at all times. The premises licence will determine what, when, and how you will be able to carry out activities in the business, varying from service of alcohol and food through to opening hours and even entertainment allowed in your pub. You should consider if the existing premises licence fits with your strategy and whether any applications need to be made to vary the licence such as extending opening hours.