Loans scheme funds boosted

Small pubcos and individual operators looking to invest in or acquire new sites could benefit from an increase in funds for the Small Firms Loan Guarantee (SFLG) scheme.

The scheme assists small to medium firms without the assets to offer as security by giving lenders a Government guarantee against default in certain circumstances.

The changes, announced in last week's Budget, will see 20% more money put into the scheme, taking it to approximately £60m. In addition, companies will no longer have to be less than five years old to qualify for the support. SFLG can guarantee loans up to £250,000 with terms of up to 10 years.

The Chancellor has also improved the Enterprise Investment Scheme (EIS), which is used by a number of small to medium pubcos. At present, it is possible to invest up to £400,000 in a start-up business and receive 20% tax relief.

Under the changed rules, to be introduced later this year, investors in a start-up business will be able to put in up to £500,000 and get a maximum of £100,000 in tax relief.

White Dog Inn

Ewhurst Green

East Sussex

Just sold is the White Dog Inn and restaurant in Ewhurst Green, East Sussex. Agent Guy Simmonds said that the stunning

property has a lovely position with beautiful views over Bodiam Castle. Described as a thriving freehold, the business has takings in the region of £450,000, split 40% wet and 60% dry. The site includes a dining room (20 covers), a restaurant (50 covers), lounge bar (25 covers), games room (12 covers), plus three en-suite letting bedrooms, a caravan park,

swimming pool and three-bedroom owners' accommodation. The business was sold off an asking price of £1,400,000.

Fir Tree Inn

Crew Green

Shropshire

Humberstones has sold this freehold off an asking price of £259,950. The village of Crew Green is close to Shrewsbury and the river Severn. The trading areas are open-plan, with seating for around 50, plus feature beams and an inglenook fireplace with inset multi-fuel burner. The new owners will have a three-bedroom flat with lounge and the pub has a large car park and decked

patio. The current turnover is around £1,900 per week, derived from 90% wet sales. The agent says there is scope and demand for the owners to increase dry trade by serving food all day, seven days a week. The agent said that the pub is popular locally, drawing trade from the nearby community as well as benefiting from seasonal tourist trade.

The Wheel Inn

Sway

Hampshire

On the southern edge of the New Forest National Park, four miles from the port town of Lymington. the Wheel Inn has just been sold through Christie+Co off an asking price of £37,500 for the new free-of-tie lease. Starting rent will be £37,500. The pub has a bar seating 46, a dining room for 30, two private flats on the first floor, a trade patio area and a customer car park. Turnover was undisclosed. The inn serves real ales, a traditional menu and blackboard specials, and caters for both a local clientele and tourists to the New Forest.

Black Horse Chambers

Lincoln

Fleurets' Sudbury office has just sold the lease on this Lincoln pub off an asking price off £15,000 for the premium. The building dates back to the 12th century and is close to the city's famous cathedral. The privately- owned free-of-tie site was closed at the time of the sale and rent will be £32,000 a year, subject to review every five years. There are 15 years remaining on the brand-new lease. The pub comprises a lounge bar with exposed timbers and a large stone fireplace, plus a restaurant area with brick walls and bow windows. Owners' accommodation comprises three double bedrooms and a staff room.

MyNewPub

The Scarf & Goggles

Metheringham, Lincolnshire

Agent: Guy Simmonds

Mark and Philippa Yarwood, previous owners of the Nags Head at Saltby, Leicestershire, are getting into their stride at the Scarf & Goggles. The freehold pub in Metheringham, Lincolnshire, is food-led with a "pick your own" steak concept.

Mark explained: "Customers come in and pick their own cut from a counter - it's all good, quality English produce. The response from customers has been absolutely fantastic."

The average spend per head is £22, including drinks, and the pub regularly fills its dining room with 70 covers. Trade is split 30% wet sales to 70% dry and main-course prices range from £8 to £21, with starters from £3 to £5.

Mark said that takings were steadily increasing and that the grill trade was so good, they were looking into offering fish as well. "If we do introduce fish, we'll try and source English and make sure everything we get in is sustainable," he said. "The quality of our food is very important to us."

The couple, who have been involved in the pub trade all their lives, also plan to boost wet sales and local trade by offering real ales.

The pub's name derives from the fact that it can count three RAF bases within a 50-mile radius. It sold off an asking price of £460,000 and comprises a lounge bar and two

restaurant areas providing 64 covers. The agent said that the previous owners had created an imaginative dining venue

attracting customers from a considerable distance.

STAMP DUTY STATUS QUO RELIEF

Buyers and property agents were relieved when Alistair Darling, right, said that stamp duty levels would stay the same in last week's Budget. The Chancellor was expected to raise stamp duty on commercial and domestic property over £500,000 from 4% to 5%.

Currently, buyers pay 0% on property under £125,000, 1% on property £125,000 to £250,000, 3% on £250,000 to £500,000 and 4% on

property over £500,000.

Freehold sites and the premium of brand-new leases are liable for stamp duty, but only very expensive lease

assignments are likely to be subject to stamp duty because goodwill and fixtures and fittings are not included.