InfoPage: Christie & Co - 20 steps to buying a pub

20 steps to buying a pub.​

1.​ Think it through - is a pub really for you? Do not act on impulse even though 'it might be a good idea at the time.' In the case of a man-and-wife team, it is no good if one is enthusiastic but the other is not. If you are thinking of semi-retirement, a social pint with the locals, a life of gentle contentment, think again. Running a pub is no sinecure. It involves hard work and total commitment.2.​ If you're satisfied that it is for you, decide what type of business you want. There is a world of difference between a rural pub and one in an inner-city conurbation.3.​ Take advice - work in a pub if possible, or go on a course. It isn't simply a case of walking in and starting to pull pints, even though many people think it is. The British Institute of Innkeeping (Tel: 01276 684449 - www.bii.org) has considerably enhanced the professionalism within the industry by continuous training and education to NVQ Standards.4.​ Work out right from the beginning what you can afford to pay. To spend months finding the right property only to discover it is above your limit leads to bitter disappointment. A specialised licensed property agent, a finance broker, bank or accountant will all give you an indication of what you can afford.5.​ If you have to sell your house to raise part of the capital, be realistic. Allow time, particularly in a sluggish market. Many deals fall through because the residential property doesn't sell quickly enough.6.​ It is wise to take advice from financial specialists - for example, our associate company, Christie First (Tel: 020 7535 5000), whose staff have long experience in arranging deals on the best possible terms.7.​ Listen to what you are told. If they say a proposition doesn't stand up you can be sure it doesn't. Their advice is totally independent and objective.8.​ Once you have the right pub fixed in your mind and the financial implications worked out, start the search, which can be long, expensive and frustrating.9.​ Start off by reading the trade press, particularly The Publican Newspaper and by approaching agents specialising in the selling of pubs.10.​ If you make an application to, say, Christie & Co, (Tel: 020 7227 0700 / www.christie.com), you will have the benefit of all the latest technology and expert staff. You will go on our national and regional registers and our objective is to match your requirements with the most suitable propositions.11.​ Details of a number of potential public houses will be provided and arrangements made for you to visit some or all of them.12.​ Do not buy the first pub you see. Whilst it is in any agent's interest to achieve a quick sale, we do not want to see people disappointed or it to end in failure.13.​ Take your time, and when you find a pub that is to your liking, visit it several times as a customer. Find out for yourself how it is operating, what type of custom it attracts, whether it has potential, what improvements can be made and so on.14.​ If it really does seem to be the one for you, ask the agent to fix a meeting with the Licensee - you will find most of them helpful - discuss matters as fully as possible. Ask for a good look around, not least the living accommodation.15.​ Take a close look at the area, particularly the opposition pubs and restaurants. Is it the sort of place where you would like to live and work? Ask for all the information relating to the pub.16.​ Make enquiries to ensure that there are no problems in the pipeline - a by-pass, for instance - which could significantly affect trade.17.​ You have found what you want. It is time for the agents, together with your professional advisers, to go ahead with the legal side of the purchase.18.​ If loan finance is required those specialists are needed again, not least because they know where to source the best deal for you. They have contacts and are in daily touch with the market.19.​ The lending source will want a financial appraisal, which stands close examination. Preparation is of considerable importance - and a personal interview is nearly always required.20.​ If all goes well, the pub is yours. Start preparing for the take-over, which is a subject in its own right. Good luck.

Christie & Co is the market leader in the sale, acquisition and valuation of public houses.

For further information please contact our head office in London, Tel: 020 7227 0700, any of our 14 UK offices, or visit our website - www.christie.com.