Why have 20% of pubs closed in the last decade then? Traditionally pubs were a licence to print money but since year 2000 they have been going downhill. Even famous pubs like Quinns in drumcondra that had roaring trade for gaa games is now closed and derelict ,a very sad looking sight indeed.Why would the State provides grants to businesses that typically have 60% gross profit margins?
And where there is no economic rationale to subsidise the service?
Hi Joe, Normally I think your posts are bang on. This isnt correct though.Also is it not disingenuous to quote a gross profit figure for hospitality when the biggest cost are for labour which I think get deducted from gross margin afterwards.
Sorry, but this couldn't be more wrong.The diff between gross profit and net profit is tax. Labour, like any other cost, is deducted from revenue to arrive at gross profit.
Roughly how much?Cheap insurance - not a hope.
Thank you interesting!
When that's the opening line, this really sounds like a non runner for you.Hi all are there any grants or other funding available
What sort of turnover would you think the pub might achieve? I'll take it there's no food.Hi all are there any grants or other funding available when renting a public house for the first time? The pub has been closed a while. Any info regarding cheap insurance etc would be greatly appreciated!
€10,000 a week. No food. Very busy town!What sort of turnover would you think the pub might achieve? I'll take it there's no food.
My guess would be in the thousands, many thousands.Roughly how much?
Depending on staff requirements and overheads that's a good turnover. Why was it closed, death probate? If there's a chamber of commerce in the town get talking to them, they'll steer you in the right direction, unless you don't want anyone to know you might be taking it on.€10,000 a week. No food. Very busy town!
I don’t mind anyone knowing I am taking it over at all! It closed two years ago due to Covid and that persons lease was up also. Your very kind to give good info!Depending on staff requirements and overheads that's a good turnover. Why was it closed, death probate? If there's a chamber of commerce in the town get talking to them, they'll steer you in the right direction, unless you don't want anyone to know you might be taking it on.
I'm not saying there's grants or anything available, but wouldn't be a bit surprised. Talk to the guys in the chamber if you think you'll get on with them. Some of the chambers throughout the country have stuffy ould wans who only talk to their own ilk, but in general there's good people in them and will go out of their way to help you. Don't forget they'll expect the same from you and everyone gains. One of your biggest problems will be to get an account opened with the big drinks suppliers. If you're a good guy, others can "really" vouch for you and other publicans will back you you'll be half way there. Newcomers are just that, suppliers have been burnt too many times and you will have to prove yourself.I don’t mind anyone knowing I am taking it over at all! It closed two years ago due to Covid and that persons lease was up also. Your very kind to give good info!
Of course, you are correct Tommy. I knew this in the recesses of my mind, got mixed up.The difference between gross profit and net profit is overhead costs. Labour, like any other overhead cost, is deducted from gross profit to arrive at net profit. (Tax is deducted after net profit.)
That's it, Arthur. I have the advantage of seeing this stuff every day and even then it's easy to get mixed up.Of course, you are correct Tommy. I knew this in the recesses of my mind, got mixed up.
Gross profit is revenue less cost of sales i.e purchases.
Net profit is gross profit less expenses/costs/overheads such as labour, electircity, insurance etc
And tax is of course on net profit.
Hopefully thats broadly correct, its been a while!