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Cherry Tree, Ingoldmells

Ingoldmells, PE25 1JP

Your investment

£10,000

Agreement Type

Tenancy
  • Fantastic location surrounded by holiday parks.
  • Recent refurbishment throughout.
  • Flexible terms negotiable (see financials)

The Cherry Tree is an exciting opportunity , it is situated on the main road from Skegness to Ingoldmells, 200 metres from the popular Butlins Holiday Centre. A short walk from the beach, the pub benefits from a vast amount of passing trade as it is surrounded by a number of popular caravan parks. The pub has undergone full refurbishment in March 2022.

Pub Layout

The main trading area is accessible via two separate entrances from the car parks, is open plan and will seat up to 100 people with a conservatory for another 20 covers. A mix of fixed and loose furniture allows a variety of seating configurations to be used, and a fixed carvery deck has been installed at the end of the bar. The back of house areas are very spacious, with a large well-equipped catering kitchen accessed from the bar area, ground floor beer cellar and a number of additional storage rooms. There are two sets of toilets at ground floor level, one at each end of the building. On the first floor, there is a function/meeting room featuring a bar servery and dancefloor area this is a great space and should be utilised all year round. Externally there is a decked seating area along with car parking to the front and rear of the pub.

 

The Cherry Tree operates successfully as an established food pub, popular with tourists and holidaymakers visiting the various holiday parks in the surrounding area.  The large volume of passing trade during peak season provides a fantastic opportunity for an experienced operator to provide a strong, value for money food offer alongside a regular weekly events programme.  Quiz nights, bingo evenings and cask ales have proved popular in the past, and there is a great opportunity to tap into the local residential market as many of the holiday parks are occupied by year-round residents. The ample car park space could also lend itself to running outdoor events (car boot sale, family fun day etc.).

The private accommodation is in good order, having been refurbished at the same time as the pub, and consists of three bedrooms, lounge, kitchen and bathroom.

Annual Rent:  Rent steps available through the winter months due to seasonality. Headline £38,000

Security Deposit: £5,000 

Working Capital: £2,500

Stock: £2,500

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.

We are looking for an experienced licensee (s) who is familiar and comfortable with high-volume food operations to take this pub to the next level. The opening hours should be maximised by a breakfast offer and regular carvery, alongside value for money offers targeting mid-market patrons. Off-season residents of the local holiday parks provide an excellent opportunity for year-round trade to compliment the busy peak season, and potential operators should have a strong marketing plan in place to maximise both the busier and quieter trading periods. Experience with running a seasonal pub would be advantageous.

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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