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Albion, Thetford

Thetford, IP24 2DN

Your investment

£7,500

Agreement Type

Tenancy
  • Large and recently updated living quarters.
  • External drinking front & back.
  • Attractive, near town centre location.

The Albion pub is located a short walk from the centre of the bustling market town of Thetford with a population of 24,000 people. Thetford has excellent transport links with the recent duelling of the A11.  The Albion is a busy, highly regarded, profitable pub ready to be taken to the next level and there is plenty to get excited about.

Pub Layout

The pub has a cosy environment with open fire and currently offers a wide selection of draught products including cask ales. Traditional and homely in feel, there is a clear opportunity for the right operator to put their stamp on the pub.  There is currently no food offer but there is a small kitchen area suitable for back bar food / snacks only that could be launched.  The Local competition is focused on value-led offers, presenting an opportunity for a more mid-market wet led offer here. The pub boasts a fantastic games area complete with darts board and pool table. Outside retail space consists of a popular gated area to the front of the pub and beautiful courtyard garden to the rear. Directly opposite the pub is the historic Castle Park with children’s play area. Free parking is available opposite the pub and directly on the street.

The current trading style of the business is that of a classic community pub; it is envisaged that this style of trading would continue and would be developed to keep it ahead of the game. There is a large area of unused land to the rear of the pub which could be developed to lend itself perfectly to hosting family fun days, Ale and cider festivals and an additional income stream could easily be achieved by promoting the external retail space.

Private Accommodation

The private accommodation consists of three bedrooms located above the pub and in good order.

Annual Rent: £19,750 ( 50% off headline rent for first 3 months)

Security Deposit: £2,000(Deposit Build Available up to £5k)

Working Capital: £2,500

Stock: £3,000

Fixtures and Fittings: Upon Valuation  – funding options available for the right licensee.

Tie:  All drinks categories are tied.  For fully funded licensees on long term agreements, we offer free-of-tie options for certain drinks categories in exchange for an annual fee.

Training: £325 plus VAT

For a breakdown on financial information, please refer to the ‘Additional Info’ tab.

 

The pub will continue to thrive under the direction of a sound licensee (s) who understands that character, quality and service are the core values that make this kind of business a success. The pub would suit an entrepreneurial couple or individual who has experience in identifying and exploiting the business potential of this type of pub. They must share the owning pub company’s vision to develop and grow the business. The ideal licensee needs to be passionate about quality beers and ales and possess exceptional customer service and engagement skills along with fantastic standards that will be key in moving this already successful beautiful pub onto the next level. Previous experience of operating a high volume pub would be preferred but not essential.  Knowledge of cask ale management is a must.

Annual Rent – This is our lowest rent figure associated with a Full Tie.  If the tie is reduced the effective rent (via Tie Release Fees) will increase.  Rent is billed and paid for weekly in advance depending on the payment terms agreed). On occasion, our Business Development Manager will discuss a start up rent which is discretionary to an individual pub and can be discussed.

Security Deposit – This sum of money will be held on your account and will be returned to you on exiting of the pub based on your final account balance and the condition of the property.  Our standard deposit is 25% of the headline rent.  On occasion, we can negotiate a lower security deposit with the aim to build up to our full deposit on a long term agreement.

Working Capital – This is a recommend amount required which will be used in the day-to-day running of the business.

Stock – This will be valued by an independent valuer on the day you take over the pub. This includes unbranded glassware, unopened bottles, wines, spirits, any unopened / opened kegs and cask ale providing the container is unopened.

Fixtures & Fittings – This includes any item that is bolted to the floor or walls, and a fitting to be any item that is free standing or hung by a nail or hook. This will also include furniture.

Tie: All drinks categories are tied.  For fully funded licensees on long term agreements, we offer free-of-tie options for certain drinks categories in exchange for an annual fee.

Training – Before signing a long term agreement, you will be required to attend our 7 Steps to Sales Success training programme.  Held online over three days, you will learn marketing and business strategies that will help you to grow sales in your pub – step-by-step.

Service Charge Cost – £60.89 per week – The Admiral Taverns Premium Maintenance Package will help take care of your compliance and statutory obligations with one simple fee, whilst giving you piece of mind about your boiler and cellar cooling repair and replacement.  This also includes full access to e-learning for you and your staff.

*Zero Business Rates – Based on the April 2023 rating list, the Nil Rates Payable is based on small business rates relief being applied and the licensee only occupying one property for commercial purposes.


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