They do the technical stuff that lies outside of your forte, allowing you to get on with what you do best.
We look at the sort of providers you might call upon, when you might need them and what to look out for when hiring a professional.
The lawyer
Buying a pub is never straightforward and without the help of a good lawyer you could potentially buy into something you weren’t expecting, explains Clare Eames, partner at licensing law firm Poppleston Allen.
“We help you step into the shoes of the previous licensee, and check the lease is fit for purpose,” says Eames. “We also check whether the police are dealing with any enforcement action, or environmental health has had complaints about noise.”
For licensees already up and running, there are many other possible scenarios that might require a lawyer from extending your licence to fighting off licence revocation proceeding. “We help you deal with threats that action from the police or local authorities can pose,” says Eames.
With constructive relationships with the police and local authorities, lawyers should be able to help you get to where you want to be quicker and smoother. Eames explains: “We can make extending your licence easier, or carry out a feasibility study if you want to convert unused space. We’ll also advise on whether refurbishment plans you may have are achievable and realistic.”
The broker
Are you thinking of buying the freehold of a pub, buying out a partner, or improving your financing arrangements? As borrowing money in the current climate is far from straightforward, it can help to get advice from a licensed trade broker, says Roger Schooling, senior partner at Business Mortgage Solutions.
“Prime borrowing options are available only to those who can demonstrate a successful record of profitability, and they’re usually limited to 65% of the open market value of the business,” explains Schooling.
“Pubs need lenders that understand the licensed trade, as they’ll be able to think laterally and make the deal fit your criteria. Past experience shows that even if a client has unsuccessfully approached their own bank, we’ve been able to find them a source of finance, often on more competitive terms.”
Schooling warns that before approaching a lender or broker, a pub must have up-to-date accounts and tax affairs, and bank statements that show no activity outside of pre-agreed limits for the past three months.
The accountant
Accountants will obviously help with your bookkeeping and accounts but should do more than just crunch numbers, says David Foster, managing partner at licensed trade specialist Inn Control Chartered Accountants. They can save you time and money, minimise taxes and give you control over your business.
“Develop a good relationship with your accountants and they will facilitate your business. They can help with difficult things like cash-flow, cost reduction, tax planning and red tape,” says Foster. “They can help you plan for — rather than react to — situations, and help you operate more efficiently.”
Specialist pub accountants can also work with you to create a business plan. They can run your payroll, help with stock keeping, advise on wastage, margins and pricing, and keep you on the right path when it comes to filing tax returns and statutory accounts.
The insurer
Getting the right insurance for your operation can be problematic, according to Deborah Holland, commercial director of SME insurance specialist Simply Business.
“Venues come in many shapes and sizes, from gastropubs to bars, restaurants and countryside inns,” she says. “All have very different requirements of their insurance.”
Just knowing what cover you actually need can be a minefield. Will a standard liability insurance suffice? Do you need loss of licence and business interruption protection too?
“It’s always advisable to buy from a supplier who has the necessary experience in the type of insurance you need,” says Holland.
“The industry is highly regulated, so make sure that your insurer or broker is registered with the Financial Conduct Authority.”