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.
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.