Have pub and own building, considering change of use for business, any advice?

K

kkfan66

Guest
Hi, Im looking for some advice.

I own a pub in a busy tourist town north of Dublin.

During the boom several new pubs sprang up in the area and all did pretty well. With the recession and the downturn in business things have got a lot tighter and realistically there are too many pubs in the area.

I have recently considered changing my premises from a pub to another use. I cant see the pub business improving in the near future as peoples drinking habits have changed and the economy is, I fear in the doldrums for a few years to come. I know other businesses have been badly affected and am not so nieve to believe there is an easy living to be made doing something else.

My pub is in a great stand on the main street and benefits from high footfall.

Any ideas would be welcomed,
regards, T O B
 
Re: change of business???

Perhaps, you might post how much if any money you have available for the new business venture.

What is your background, interests etc.

Do you own the building or leasing it?

Although there are "too many" pubs in the area, is there anything you can do to attract more/new custom?
 
Re: change of business???

I own the building and have worked in the business for 20 years.
I would be borrowing the money to change the use.
A lot of the surrounding pubs have music to attract custom
I tried this but by the time I paid the musicians and security
I didnt make anything extra.I wouldnt mind trying another business
as I find it increasingly hard work and less profitable.I have considered
a minimarket(spar etc) and am wondering about set up costs and profit margins,
Thanks for your interest
 
Re: change of business???

the borrowing of the funds may cause a problem as i am sure you can imagine but at least you have property for security.

Would a possible solution/starting point be to rent out the property and let someone else take the business risk.

The pubs are obviously very difficult.

I cannot remember my source and i could be wrong but i think the shop fit out costs about 300,000 and assume there is stock ontop of that so that may be way to much money to 'gamble'.
 
Re: change of business???

Thanks, I have thought about leasing out but ive heard some horror stories about leased out pubs.Considered selling too, buts prices are low....but will they go lower???
Thanks again for your input
 
we have had a number of poker /casino type business springing up around here in the last few months, you probably need a licence or what about a branded food franchise if you have good footfall?
 
Have thought about food franchise, but most of the big ones are already here. A casino would be an idea, not sure of the legal requirements???
Thanks for your input
 
One factor I forgot to mention is Sky TV costs, mine are heading towards 900 euros a month which is crazy.Id love to get rid of it but it does draw customers but barely pays for itself
 
Would it be an idea to advertise the pub on the fact that you don't have sky? I and a few of my drinking buddies find that the constant drone of Sky in the background has really taken away from the athmosphere in the local. Sport and TV should be limited to the news at 6 and the odd big game (internationals, rugby etc). Horse racing is a must don't know if thats free to air though.

I quite like going for a pint and a bit of banter and a laugh I don't particularly what the yahoos in jerseys screaming over my shoulder on a Wednesday night.

What about card/domino schools, Some accoustic music from local musicians costs should be relatively.
 
Your saying that you own the pub outright & that you dont have a mortgage/loan on it...& that its still difficult to make a living out of it? The reason im asking is because im thinking of buying a bar,i would have some borrowings on it,i would have about 75% of purchase price but would have to borrow the rest, (banks willing).I worked in the bar trade a few years back & enjoyed it,i wouldnt expect to get rich out of it but would hope to draw a decent wage out of it...are my mad, :confused:.
 
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