Letting
Some spaces in pubs are ideal for conversion into letting rooms, and as well as the extra revenue having tenants who live in your pub can have hidden benefits. Having a tenant can drastically increase your security as they’ll be able to keep an eye on the premises after your staff go home. Converting empty space into letting bedrooms is an established route to drive up revenue and add new income streams to your business.
Accomodation
Holiday accommodation can also be big business. Some pubs, such as the Wiremill in Lingfield, have chosen to turn unused spaces in their property into boutique rooms, adding a lucrative revenue stream and adding to food and drink sales in the pub.
Another less explored option, which might be a good choice for city pubs, is using rooms as a youth hostel.
Michael Neville, business development manager at Journeys hostels said: ““With demand for budget accommodation being so high, demand can exceed availability, publicans have the perfect opportunity to capitalise and operate a second business all under one roof.
“We can take care of everything such as the online presence, the revenue management and bookings. All that’s left for the publican to do is greet the guests.”
Function rooms
If accommodation isn’t a viable option, adding in extra function spaces can maximise the value of empty space, and potentially with little capital cost.
Gillian Bayldon-Pritchard, lessee at the Watermans Arms in Eton turned a covered outdoor space into a powered and heated indoor function room (below) complete with real trees growing through the roof.
She said: “The idea came from my BDM, but I financed the conversion myself. We used a special rubberised roof to cover the area, and now we have extra capacity we can rent out for special occasions.”