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Ship Inn, Horncastle

Horncastle, LN9 5HU

Your investment

£11,000

Agreement Type

Tenancy
  • Fantastic high street location
  • Turn key operation with well established business
  • Superb outside space with children’s play area

Horncastle is a market town in the East Lindsey district of Lincolnshire and home to the Ship Inn. The Ship in is located in the centre of the town and is surrounded by shops and three other pubs creating the perfect social circuit. Steeped in history, Horncastle has links to the Romans with some of the walls remaining in place, was historically the centre for cock fighting and bull baiting (now both banned) and is now famous for its many Antique shops. With a population of approximately 7,500 people, the area provides excellent transport links by sitting on the crossroads of two major Lincolnshire roads – meeting at the Bullring  in central Horncastle.

Pub Layout

The main entrance is located on the high street and leads onto a small snug area, complete with its own small bar, a mixture of wooden and carpet areas to compliment the low level soft furnishings and complete with TV to provide the relaxed area for approximately 20 people. The main bar area, again is of similar decor and is complimented by the industrial style bar, alongside the mixture of high and low level seating to create the balance of diners and drinkers. This area is also complete with a pool table, darts board and TV’s for live sporting events, providing the perfect social scene. The kitchen is centrally positioned by the main bar area allowing service to all areas of the pub. Externally the Ship has a beautiful  large patio garden, complete with a partially covered area alongside an exposed seating area, perfect for those summer evenings. This is complimented by a small play area for children.

The pub has a strong and varied rhythm of the week, with sports & live entertainment featuring heavily. The Ship is centrally located and has a solid core of regular locals who support the pub well. Currently trading predominately wet, there is scope to improve the current food offer for private parties & functions. Sunday lunch trade at the moment is excellent but this rhythm needs to continue through to weekdays and requires something to compliment the pub and a wider audience. Live entertainment is popular at the weekend with bands and solo artists, alongside a fantastic valued wet led drinks offer, making the Ship Inn the perfect social venue.

Private Accommodation

Located on the first floor consisting of three bedrooms, lounge, kitchen and bathroom, all of which are in good condition and would be ideal for a family or couple. There is a second floor, however this is not currently used.

Annual Rent: £17,500

Security Deposit: £5,000 

Stock: £3,000

Working Capital: £3,000

F&F: Funding options may be 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.

Admiral Taverns are looking for an experienced licensee who can maintain and develop the already established business at The Ship. The success of the pub will rely heavily on the licensee embedding themselves, and getting actively involved with the community through charity and local meetings & events. Capitalising on the ever popular live music events, expanding on the current food offering and incorporating a strong marketing plan, complete with great retail standards will increase footfall, encourage new visitors to the area and keep the solid core of regulars content.

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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