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Three Horseshoes, Witney

Witney, Oxfordshire, OX28 6BS

Your investment

£20,000

Agreement Type

Tenancy
The Three Horseshoes is one of the oldest pubs in the town, it dates from the 17th century and is Gr...

The Three Horseshoes is one of the oldest pubs in the town, it dates from the 17th century and is Grade II listed in parts. It has original features of oak beams, wooden flooring and Cotswold stone. Situated on Corn Street just off the main High Street in the affluent expanding Oxfordshire town of Witney, the pub is in a great central location and although has no designated car parking there is free parking for 2hrs on the High Street. Witney itself is a quaint village, very popular for its music festivals, farmers markets and family orientated facilities. With the right licensee, this pub has the opportunity to be the hub of the town for all.

Pub Layout

On entering the pub, you are welcomed with a single cosy front bar full of 17th century character, pew seating and a wood burner (circa 20 covers). Behind here is an elongated modern country style fitted restaurant (circa 30 covers) complete with a separate function/private dining room on the left which can cater for a further 16 customers. There are then double doors into the terraced beer garden to the rear of the premises with a large stretch tent, classic wooden & wrought iron garden furniture where there is seating for a further 30 customers.

There is a fully fitted modern commercial kitchen with a 6-burner induction oven, rationale, two double fryers, one griddle, once microwave, a gantry with heating and lighting, undercounter fridges and freezers, separate medium sized designated preparation and wash up areas and storage area. This site has a well-established food trade and the kitchen reflects this.

The Horseshoes has traded very well as a destination site but with its town centre location, it has also stuck the right balance and is considered a great “local” for the regular customers. The pub has been run by the same licensee for the last 10 years and is only available as they are now looking to retire from the trade. The pub is multi award winning and only this year was awarded an AA Rosette for Culinary Excellence. Currently trading as 50/50 split. Well recognised for its menu & dining, The Three Horseshoes has also always been well supported by the local community and has a good reputation for serving great cask ale, draught products, cocktails, and exclusive local spirits so caters well for the customers who just want a drink too.

Private Accommodation

The site has a medium sized lounge, kitchenette fitted with oven, fridge & freezer, tumble dryer and washing machine in the hallway, 1 double bedroom and 1 office space that could be utilised for a second bedroom

Would make great accommodation for manager, chef or key staff member.

 

Annual Rent: £39,500

Security Deposit: £5,000

Working Capital: £10,000

Stock: £5,000

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.

I am looking for experienced operator with a proven hospitality track record of delivering consistent, top end food along with great customer service & experience. This is a great site with a solid trading background and a fantastic reputation and very rare opportunity that has come to the market. This could be a fantastic addition for an established multiple operators in the same retail space looking to add another site to their estate.

https://www.thehorseshoeswitney.co.uk/about-us

The pub is multi award winning and was awarded Oxfordshire Pub of Year 2022 and was also awarded an AA Rosette for culinary excellence in July this year so we are looking for a licensee who can keep these high-end standards.

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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