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Honest Boy, Washington

Washington, NE37 1LL

Your investment

£9,500

Agreement Type

Tenancy
  • Fantastic community local with a loyal customer base
  • Scope to introduce a home cooked food offering
  • Sports focused with established teams

The Honest Boy is located in the heart of the village of Blackfell, Washington. The village is made up of local amenities and independent businesses along with a primary school. Blackfell is a densely populated area in Washington resulting in a number of chimney pots surrounding the pub. When Washington New Town was constructed, each village was given its own industrial estate to employ the local workforce.

Pub Layout

The Honest Boy is made up of two main trading areas. The main bar can easily facilitate up to fifty covers, with loose seating including space for vertical drinking. This room is also home to a wall of dartboards and a number of televisions for live sporting events throughout the year. Adjoining the bar is a large function room which does well from local family events, live music and parties. There is a lower seating area complete with pool table and TV making this the perfect communal area for both teams and families. This room can be accessed through the pub or via a separate external entrance. This area could easily be transformed in to a restaurant facility with a good pub grub offer and Sunday lunches.

The Honest Boy currently trades exclusively as a wet only pub, however there is scope to introduce food as there is a kitchen facility within the pub. The pub is very popular with the locals and does very well with showing live sporting events. There are also a number of pool and darts teams who host matches in the respective local leagues.

Private Accommodation

The private accommodation is located on the first floor of the pub and is generously spacious, with three bedrooms, kitchen, living room and a bathroom.

Annual Rent: £14,000

Security Deposit: £5,000

Working Capital: £2,500

Stock: £2,000

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 was purchased by Admiral in late 2019. I would expect to invest in the asset with the introduction of a food/café offer to capitalize on the consumer appetite to stay local. This would necessitate a revised appraisal which we would evolve around the new licensees vision. A facelift to the externals and refurbishment in a similar style to the Ox and Plough could yield similar results.

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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