The Black Horse Inn, Swaffham Bulbeck

About the Property

PUB OVERVIEW

The Black Horse Inn benefits from several income streams & as such presents a fantastic business opportunity. A proactive approach to trade building has seen the pubs sphere of influence increase over the current operators tenure. At present the site is attracting drinkers, diners & a mix of clientele for the letting rooms. The close proximity to both Cambridge & Newmarket make it an attractive destination for both eating & staying. This site represents the quintessential country inn.

PROPERTY

• Separate letting rooms to rear of pub.

• Three distinct trading areas.

• Well equipped commercial kitchen.

• Large domestic accommodation.

The site is well equipped as a traditional country inn. Internally there are three distinct trading areas. Upon entrance the restaurant sits to the left with direct access to the commercial kitchen to the rear. To the right lies the bar area with informal seating which can also be utilised for dining. Off this lies a conservatory affording further covers. To the rear of the site there is an accommodation block arranged in a courtyard housing 7 of the letting rooms, all of which are en suite. On the first floor there are a further 2 letting rooms & access to the domestic accommodation. The domestic accommodation comprises kitchen, lounge & bathroom/utility room on the first floor with two bedrooms, one with en-suite, on the second floor.

BUSINESS POTENTIAL

The site currently benefits from a good local trade. It is important to sustain that trade by offering socially focused events to maintain the pubs position as the hub of the community.

Opportunity lies in developing both the food offer & accommodation. While occupancy rates are strong there is scope to increase revenue by targeting local businesses, in particular within the horse racing industry.

The current operators have elected not to use the two letting rooms within the main building. Bringing these into use could improve revenue from the accommodation. Equally a strong food offer with focus on quality & consistency can help to increase spend per head. The Black Horse can reach a turnover of £335,000 net per annum based on a 55 /30/15 split (wet/dry/accommodation).

SUITABLE APPLICANTS

The ideal applicant should be committed to providing excellent hospitality to new customers, able to engage with the local community & drive sales through a range of activities. Experience of retail catering & hospitality is critical in the running of the Black Horse. A strong vision & understanding of marketing is important to ensure that the retail offer is well promoted in the local area.

TERMS OF TENANCY/LEASE OFFERED

A 3 year fixed term or renewable tenancy agreement is offered with a full tie to buy all drinks (beer, wines, spirits, minerals, stouts and ciders) from Charles Wells Ltd. A long term fully insuring and repairing lease agreement would be considered for a well-funded and experienced applicant.

PREMISES LICENCE

There is a current premises license in place for alcohol and regulated entertainment, with licensing hours being 1100 to 0000 Sunday to Thursday and 1100 to 0100 Friday to Saturday. A copy of the license will be made available for applicants to view.

BUSINESS RATES

Information about current business rates can be found at www.voa.gov.uk We always encourage our licensees to challenge rates by using Gerald Eve, our nominated specialist.

ANTICIPATED INVESTMENT REQUIRED

We estimate the Investment required for this pub would be as follows:

Security Deposit in the region of (paid in advance to Charles Wells Ltd) held to cover credit and rental charges. Returnable at the end of the agreement, or £10,000 if Ltd company	£8000
Fixtures and Fittings estimated valuation (paid to the outgoing licensee via the valuer at least 7 days in advance) to purchase e.g. carpets, curtains, tables and chairs, kitchen equipment. The successful applicant must reply upon the valuation provided by their appointed licensed trade valuer in relation to the actual sum to be paid.	£25000
Stock and Glassware in the region of (paid to the outgoing licensee on the day of changeover) to cover the value of opening stock.	£3000
Valuers Fees in the region of (paid to valuer) for valuing fixtures and fittings.	£800
Training Course Fees per person (payable to Charles Wells Ltd) 5 day CRISP induction course mandatory for all licensees – NB £800 for two people.	£550
Administration Fee in the region of (payable to Charles Wells Ltd in advance) to cover e.g. premises license changes, solicitors fees and agreement.	£750
Advance Rent in the region of (usually 1 month)	£2916
Minimum Working Capital Required	£10000
APPROXIMATE TOTAL Please note that these are estimated figures, given as a guide only, includes fixtures and fittings.	£51016

ONGOING COSTS

Rent in the region of (payable monthly in advance)	£35000 pa
Service Charge in the region of Payable monthly, to include: Cellar cooling service, Buildings insurance, Fire Compliance, Boiler maintenance (tenancies only). NICEIC Electrical Test (tenancies only)	£1820 pa
Accountancy Services in the region of fees for nominated accountant	£2600 pa
Stocktaking Services in the region of We recommend all licensees should have six professional stocktakes per annum	£1560 pa

Please note that these are estimated figures, given as a guide only.
Goods and services may be subject to VAT.

Location / Area

The Black Horse Inn is situated in Swaffham Bulbeck, a village between Cambridge & Newmarket. The village has approximately 1,000 residents. It is 8 miles from Cambridge & 6 miles from Newmarket. The village is conveniently located close to the A14 & A11 dual carriageways.