On the road
So what type of person is looking to buy a pub at the moment? The Publican attended the London leg of the Christie + Co/Punch Taverns road show where prospective leaseholders had the chance to find out more about the latest batch of Spirit pubs released by the Staffordshire-based pubco.
Punch acquired 1,832 of Spirit's managed estate last December. And following the of 212 of the former Spirit estate to the lease market, 249 more are now up for grabs.
At last week's road show, held at the Swan, in Central London, a steady flow of prospective buyers came though the doors. Some were there, it seemed, just to have a nose - but there were many others seriously considering taking the plunge.
Shows also took place in Birmingham and Manchester earlier in the week.
"We've had a really good response to the road shows, with the biggest being in London, as you'd expect," said Neil Morgan, a director a Christie + Co's London office. "Some of the people we've met are experienced in the pub trade and others are complete newcomers, so it's been good for them to sit down and discuss the finer aspects with experts."
Mortgage advisers from Christie First were also on hand to give advice.
But it seems that the demand for the leaseholds, in London at least, will outstrip supply and Punch will be able to pick and choose the best applicants. As John Price, a letting manager at Punch, explained: "In terms of quality these pubs are unprecedented and that's borne out by the level of interest. It will be case of Punch choosing the best retailer for each site."
Who wants to be a lessee?
A Nadarajah and Shan Shankel
Shan: "We are trying to get into the pub trade. At the moment I run a telecoms business. Our plan is to get a pub and turn it into a restaurant and a pub - one side a pub and one side a restaurant.
"We're looking in the Middlesex area.
Reginald Ho and Phillip Chappell
Reginald: "We're looking to get a leasehold and have been looking for about four months. I used to work in the pub trade as a bar man. I'm interested in food and have worked in the city, but wanted to come back to the pub trade.
Phillip: "I used to have a pub in Norfolk, but moved to London to work in pub management, I thought it was time to get back into the pub trade. There's some nice pubs available, but there are some in areas where there is more trade than others."
Suresh Mohindira
"I sold a couple of hotels recently and am thinking about buying a pub. I've been in the hotel business for 44 years so know the hospitality industry and think the pub trade will be easy for me. I'm looking in London and the suburbs."
David Harrison
"I've been in the pub trade for 23 years. I started off as a chef and have been a manager for the last 14 years.
"I'm looking to get my own business as I now have the experience and absolutely love the trade and the diversity you get within it. Eventually I would like to get about two or three pubs."
