Tenancy Introduction
A Wadworth tenancy offers a traditional low cost entry and low risk opportunity to share in the licensed trade's long standing and well proven partnership between caring wholesale brewer and independent entrepreneurial retailer.
A Wadworth Tenancy
A Wadworth tenant is a self-employed independent person who rents the pub from us and in return agrees to buy all beer, lager, cider, wines, spirits and minerals from us.
Our tenancies are let on traditional three + three year agreement with a tri-annual rent review.
The tenancy can be concluded by the tenant at any time giving a minimum of 6 months notice.
Property maintenance responsibilities are clearly defined at the start of the tenancy and confirmed in our 'Code of Practice'.
We maintain, repair, improve and insure our properties whilst our tenants are responsible for internal decorations, minor repairs and routine maintenance of equipment and fixtures and fittings.
Capital required
Your investment covers the following:
Fixture and Fittings
Buying from the outgoing tenant at a professionally agreed valuation, the inventory (tables, chairs, carpets, etc.), stock and glassware. The value of the inventory is normally agreed 7 - 10 days before the change date and finally checked on the day you move in.
Stock
Stock is valued on the day of change and is purchased by the ingoing licensee from the outgoing licensee.
Deposit
A Security Deposit is charged normally between £5-£8,000. This is held by us with interest paid annually. The deposit is refunded 28 days after the end of the tenancy.
Working Capital
This represents an amount needed to cover the initial set up costs, Valuers fees (normally 5% of the inventory valuation) and to cover any closing accounts for electricity, gas, telephone, etc. that need to be paid when you move.
Sufficient monies are required to cover any initial and ongoing training
'Ingoing' capital will vary depending on the house and type of business. An indication of the amount of capital required is provided when we advertise the pub to let.
If we are planning a major scheme at the house we will discuss the additional funding required and depending on circumstances we may assist financially through our assisted entry scheme.