THE AGENTS
Alan Crowest, FAVLP, MBII, MNAEA
managing director,
Britannia Business Sales (East Anglia) Ltd
After 35-years involvement in the licensed trade - the last 21 years selling licensed businesses in the Eastern counties -
I cannot recall a period like the present one for the number of regulatory changes the trade is encountering.
The new licensing regime approaching its first anniversary is rife with inconsistencies and inaccuracies. For example, the responsibility for fire safety is now that of owners and employers and the forthcoming smoking ban is going to offer new opportunities for some and problems for others.
In East Anglia, however, all is far from gloomy. The
freehold market is being fuelled by supply and demand with premium prices being achieved, while the leasehold sector is more fragmented, seeing private, free-of-tie leases generally achieving higher premiums.
In 2006, we have dealt with businesses ranging in price from £25,000 to £1,400,000 - there is something to suit every type of operation and budget. Both private and
corporate purchasers are active, with an increasing number of deals being done off-market - interest rates are still
competitive, with excellent finance deals available.
It is vital that prospective vendors present their
businesses in the best light - up-to-date accounts and VAT returns are crucial, but external appearance is equally
valuable - we all know that first impressions count!
Obtain more than one valuation, but only from reputable,
experienced and qualified agents - members of the
Assocation of Valuers of Licensed Property (AVLP) or Royal Institute of Chartered Surveyors (RICS) are an excellent starting point. Do not use an agent who charges up-front fees - invariably they will over-value the business and lack commitment! We operate on a three-month sole selling agreement on a no sale, no fee basis.
Big is not necessarily beautiful - as an independent we can offer a personalised approach - for confidentiality we once started an inventory at 1am. How's that for service?
