Why I’m calling time on (part of) the trade

By Michael Kheng

- Last updated on GMT

Related tags: Lease, Landlord, Renting

Why I’m calling time on (part of) the trade
For those who follow Kurnia Licensing on Twitter and Facebook you will already be aware of my plans to exit the retail side of the industry.  Over the past few years I have reduced the estate down to four outlets — three freeholds and one leasehold.

The Cloud Bar in Lincoln is held on a free-of-tie private lease and we are looking to dispose of our interest in it.

The remaining three outlets are all based in Mablethorpe, Lincolnshire, and we are looking to create new leases to suit a tenant so as to retain the freeholds within my company’s existing rental portfolio, which is made up of a mix of retail and residential units in Lincolnshire.

Six years ago I started up Kurnia Licensing Consultants and what started as a hobby, where I wanted a couple of dozen clients, has grown to more than 400 clients throughout England and most of my time is now spent on the consultancy side.

Current changes in legislation that look set to come in this April, and further changes in the autumn, will see the consultancy requiring more of my time.

Although I may be exiting the retail side of the industry, I shall not be leaving the industry. I have, after all, spent my working life within it and feel it is one of the best trades to work in. Retaining the pubs within our property portfolio means I will be keen to assist our tenants, so I guess I will become a very small pub landlord, although my leases will all be free-of-tie and have none of the politics that some tenants may face.

While it will be strange not operating pubs (once I find tenants, that is) I do look forward to being able to divert most of my time to
the consultancy side.

We have a great team that works for the company on the pub side and I would like to thank all staff for their contributions and hope most will remain at the sites with any new operator.

Fresh minds in the pubs will also bring fresh ideas, so the sites will only improve.

Related topics: Legislation

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