pub lease

beglopty

Hi all,

I've been working in the bar trade for a number of years and am recently quite disheartened in my job. I feel now is the time to maybe lease a pub of my own. I have located a possible premises which is advertised at E2,000 per month. I know the bar trade in and out but am unfamiliar with set up costs and the general business side of things. I am also new to boards, but reading previous posts, I know how helpful this resource can be and would appreciate any advice or pointers. I know I'll have to have some money behind me but not a clue how much exactly. Thanks.

Bicky

Hello beglopty,
I am in the same situation as yourself. Its scary to think of going into business now because of the state of the economy. Anyway i always read these boards and subscribe to any threads of interest. Here are a few..
http://boards.ie/vbulletin/showthread.php?t=2055384313
http://boards.ie/vbulletin/showthread.php?t=2055551299
http://www.askaboutmoney.com/showthread.php?t=52228&highlight=pub
http://www.askaboutmoney.com/showthread.php?t=84637&highlight=pub
http://boards.ie/vbulletin/showthread.php?t=2055654265
click
click
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Happy reading and keep us updated.

Mr.Boots

beglopty wrote: »

Hi all,

I've been working in the bar trade for a number of years and am recently quite disheartened in my job. I feel now is the time to maybe lease a pub of my own. I have located a possible premises which is advertised at E2,000 per month. I know the bar trade in and out but am unfamiliar with set up costs and the general business side of things. I am also new to boards, but reading previous posts, I know how helpful this resource can be and would appreciate any advice or pointers. I know I'll have to have some money behind me but not a clue how much exactly. Thanks.

Take a long hard look at their figures before you do a thing.
Location is everything for a pub at the moment
It is a changing business and changes in drink driving laws that will come into affect soon will change it even further.
Not saying its a bad idea....just be wary

beglopty

Thanks bicky, a lot of useful info there, some of which is turning me off the idea!! Is there anyone who can give me a breakdown of costs in opening the place? For instance, deposit, insurance, accountancy etc. I have worked (and still am working) in a job that requires me to get people in and spending. I believe that if I can get this place up and running, I can make money, just not sure if I can come up with the capital to open. Wages would not be a factor at the start since I plan on working 7 days (something I'm used to) and my girlfriend will pitch in too. Doubt I'll get any finance from banks at the moment.

beglopty

Mr.Boots wrote: »

Take a long hard look at their figures before you do a thing.
Location is everything for a pub at the moment
It is a changing business and changes in drink driving laws that will come into affect soon will change it even further.
Not saying its a bad idea....just be wary

Haven't looked at the books of the premises yet, Its going on location and competition that makes me think it can work. The place has been closed for quite a while and from what I hear it wasn't run very well when it was open. It is in a town centre and I don't believe any new drink driving laws will affect it greatly.

DoMyBooks

Take a look at the books of the pub but also wander in on a weekday evening and spend an hour our two there, Count as best as you can whats going into the till. Do the same thing on a Saturday night, If its a busy spot you wont be able to count whats going into the til then just count the customers and try to multiply it out. Doing this will give you your own idea on the turnover of the pub.

Depending on how hard they are trying to lease the pub you should be able to negotiate a low deposit and a some accountants (like myself!) will work out a monthly package for your accounts whereby you pay by the month but also I can provide you with a monthly profit and loss showing where your going.

If you need any further advice feel free to ask

SNIP

DubTony

beglopty wrote: »

Haven't looked at the books of the premises yet, Its going on location and competition that makes me think it can work. The place has been closed for quite a while and from what I hear it wasn't run very well when it was open. It is in a town centre and I don't believe any new drink driving laws will affect it greatly.

After a fire in the pub next to my shop in Crumlin a few years back, the pub was closed for about a month to get it fixed up. The place never really recovered afterwards. Sometimes closing a business is the worst thing to do as its customers simply find somewhere to shop / drink / eat. Although a fresh face and a different attitude / better outlook behind the counter can make all the difference.

BTW the above situation occurred in a booming economy and before the workplace smoking ban was introduced.

DoMyBooks

Doh! Just read that the pub is currently closed so my above post is not very relevant. You can do the analysis of customers and takings in another 'similar' pub though and remember chances are yours will be a good chunk less.

Bicky

I have a question but did not want to start another thread to do it. Is it true that two old licences are needed to open one new licensed premises?

beglopty

I think they were trying to reduce the number of licenses at some stage, but haven't heard of this before.