Working with licensed trade accountancy specialists at an early stage can help secure later success.
With initial work undertaken even before the client had taken up the reins of their lease, the ‘Prince of Wales’ is certainly a good example of how working with SGW from an early stage can prove beneficial.
In fact, SGW support was sought right from the outset and included assisting the client’s search for an outlet that was just right for them.
Initial work included rigorous analysis of the client’s requirements. Did they want a town-based pub or something in a more rural setting? Food-led or predominantly wet sales? Modern or traditional?
These are the kinds of questions a prospective lessee needs to ponder – and as this client discovered, an independent view from a firm of industry-focused accountants can be invaluable.
As the search narrowed, so SGW began to apply more finance-focused analysis. A full financial assessment of the candidate pubs was carried out, including business plan, cash flow forecast and analysis of the pub’s historic performance.
All of which led the client to the ‘Prince of Wales’, in Havant, Hampshire. SGW facilitated discussions between their client and the pub’s landlords and were successful in securing the objective of a tenancy at will (TAW).
The TAW included a six-month trial period at a low rent. The six-month performance figures were then extrapolated into a full cashflow forecast, which mean that SGW’s client could proceed with confidence. They then entered into an SGW-negotiated three-year tenancy, with one month’s notice on either side.
Now in their third year as lessees of The Prince of Wales, SGW’s client has been highly successful … the result of the client’s hard work and the full package of finance support services they continue to enjoy.