Charles Wells to enrol new tenants on Passport to Profit

By Mike Berry contact

- Last updated on GMT

Related tags: Charles wells pub, Generally accepted accounting principles

All new Charles Wells pub licensees will be on the Passport to Profit scheme
All new Charles Wells pub licensees will be on the Passport to Profit scheme
Charles Wells is to automatically enrol all new tenants onto its Passport to Profit scheme following its success across selected sites in its pub estate.

Under the scheme, tenants’ P&L accounts, including till information and stock reports, are available at head office. It gives retail development managers access to information such as yields, gross profit on food and drink, and expenditure on areas such as marketing and promotions.

The Passport to Profit scheme was originally trialled at a small number of sites over the past two years and now all new licensees will be signed up.

Peter Wells, managing director of Charles Wells Pub Company, said: “Passport to Profit was launched to provide up to date and accurate trading data that would give licensees a more detailed understanding of the financial aspects of their business. 

'Insight'

Wells said the scheme has been “a real boost” to tenants using it. “It’s been particularly effective in providing insight prior to business reviews so that we can make time taken out of running a busy pub as productive as possible,” he said.

“We’re therefore rolling Passport to Profit out more widely and it’s our intention for all new Charles Wells pub licensees to automatically be enrolled as the evidence clearly show just how much value it can add to their business.”

The company spent more than £2.4m on its leased and tenanted estate throughout the financial year, an average of £12,000 per pub.

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2 comments

boost

Posted by Trade Stalwart,

this raises the question if it has been a "real boost" in their selected sites then why didn't all the current tenants get the boosting deal, some more deserving of a boost than others it would seem?

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Passport to profit

Posted by Marcus Offield,

Whilst it first appears to be a good idea punch already has a scheme similar ,they go one step further and give an overall training package ,whilst in principal this is a good idea it gives the feeling that as a publican someone who is respected in the community ,you simply become a manager ,of the pub ,I have always shown quarterly accounts to my bdm ,as tied house they know volumes of wets going through the pub ,my accounts are prepared to show the overall position of our finances ,I call it open book ,again it's not for every publican ,we are all different ,but it sounds to me that' Charles and wells is no more than a managed company ,it takes the art out of inn keeping

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