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Chancho, Leith

Leith, Edinburgh, EH6 6PW

Your investment

£10,000

Agreement Type

Tenancy
  • Fantastic location with high footfall
  • Beautifully decorated internally
  • Fantastic food opportunity

Located on Bernard Street, Leith, Edinburgh, known as the thoroughfare, Chancho forms part of the buildings converted for pubs, cafes and publishing businesses.  This area has been preserved as an historical enclave as it formed part of the main coastal route around North Edinburgh and was once a stop on Leith’s electric tram line until 1955. This area is currently part of the Edinburgh’s tram development to re-enact the tram stop which will increase footfall to this area.

Pub Layout

Upon entrance from the main road, this open plan, galley style room is adorned with a mixture of high tables and loose seating, bright decor, exposed walls and soft furnishings that provide a modern, trendy theme throughout. The galley bar, to the left of the entrance is a predominant feature central to the main room providing a single servery to both downstairs and upstairs. On the first floor there is a small room with loose seating which could either be used for a function room for private events or an overflow for busy weekends.

Trade is predominantly wet led, evening trade currently offering cocktails and international beers. The quirkiness of this site with games nights, comedy events, live music and bingo provides the perfect meeting point for all ages.

Private Accommodation

There is no private accommodation provided with this site.

Annual Rent: £25,000 – Free of Tie

Security Deposit: £5,000

Working Capital: £2,000

Stock: £3,000

F&F: TBC (Funding options may be available)

Training: £325 plus VAT

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

Admiral Taverns are ideally looking for an experienced licensee who is open minded who would embrace the unique style of building and interpret that into their vision. The site requires someone who would bring a fresh set of eyes, give the business definition and a prominent identity within the local area, alongside working together with local businesses to evolve this area. Due to the main street location, there is potential for outside seating in summer months with a possible pavement licence application.

 

 

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.  Please note, this only applies to pubs marked with an Asterix *


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