The Hertfordshire-based company has been moving its 45-strong tenanted estate in line with its managed pubs during major ‘repair and decorate’ investments that take place every five years.
'Competitive'
“I would say that we are probably 70% of the way there,” Mansfield said. “We can now be competitive in the same marketplace.
“I think many tenanted companies have neglected their tenancies to the point where they are a bit behind the managed houses, and we’re keen to make sure that doesn’t happen.”
He added that such investments would come only “on the back of recruiting a fantastic operator”.
Rep and decs
Eight ‘rep and decs’ are planned for this year, with six completed to date.
Examples include the Ram Inn at Hertford, where £150,000 — plus the tenant’s investment in fixtures and fittings — was spent transforming it into a “very current, trendy operation”.
A £100,000 investment has been made at the Steamer in Welwyn, Hertfordshire, where former JD Wetherspoon area manager Dan Tubbs is the tenant.
Sales have grown 80% since the investment, which transformed it into a “very modern high-street local with an excellent food offering”.
'Try before you buy' scheme
Separately, Mansfield also revealed that six tenants have so far taken on outlets under the company’s ‘try before you buy’ one-year agreement that offers reduced rents and beer discounts for the first six months.
He expects most to take the company’s full six-year tenancy; two have done so already within the first few months.