How to Sell a Pub & Bar Business in London
Britain capital has popular pub and bar culture which is an attraction for both Londoners and tourists. London pubs are well known in the country, with branches open in other countries to cater to an international clientele. As can be imagined, a well run bar or pub in London can be lucrative venture. If you are an owner and want to sell your running bar or pub then you have a lot of options open to you. The popularity of bars and pubs gives you a large pool of buyers looking to invest in your venue. However, getting the optimum price for your business is not an easy task. So here is a guide that will help you sell a pub or bar in London.
Instructions
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Before you put your pub or bar on sale it is necessary to determine the real value of the business. You can determine this value with the help of a business valuator. Below is the list of some of business valuators:
(a) Parmentier Arthur Group Limited
(b) Valuation Consulting Co Ltd
(c) Daltons Business
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Once the value of business is determined then, you have a to decide how much you are going to demand for your business. After deciding the asking price for your business contact a business broker, who has a good repute in selling businesses. Below is the list of few business brokers in London.
(a) Horizon Business Brokers Ltd
(b) Abacus Business Sales
(c) Hornblower Business Brokers Ltd -
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If your business broker fails to impress you or you are not satisfied with him then, there is a second approach to list your pub and bar business for sale. Now you have the facility of internet where several websites are available to list a business for sale or purchase. So you can also take benefit of this modern technology and list your pub & bar business for sale.
Below is the list of such websites where you can list your business for sale.
(a) Business For Sale.com
(b) Daltons Business
(c) Right Biz
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History
When you list your business for sale don't forget to mention its history, as many buyers always like to know about the history of the product or business they are buying.
You can lay down the history of your business in this manner.
a) Construction year
b) Current seller has the possession of the property
c) Current vendor has built an excellent reputation with local area people and visitors
d) As a result of good repute repeat clientele is observed
e) The business also has wide variety of gaming machines and pool table
f) For weekly events stage and karaoke facilities are available
g) Facilities are kept spotless -
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REASON FOR SALE
Once you are done listing the history, then you should also mention the reason for sale. For instance you are selling business because you are moving to some other place or wishes to retire from this business. -
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To convince the potential buyers it is necessary to provide the complete details of items that you sell in your pub or bar.
PRODUCTS
a) Complete variety of alcoholic beverages, spirits, lagers and ales
b) Genuine ales
c) Aside from a wide range of beverages, pub also offers coffees, soft drinks and teas
d) Pool is also available
e) There are four gaming machines
f) For customers entertainment Sky TV is available
g) The pub also have Live music, but on monthly basis -
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Mention the details regarding product suppliers.
SUPPLIERS
a) Beers and spirits are available free of any brand. Also sourced from different trade sources, mostly from Heineken
b) Wonderful contacts with several suppliers and wholesalers
c) The location was also used for different events, therefore vendor also have good relations with caterers -
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Most importantly mention the strengths of your pub & bar business.
STRENGTHS
a) Famous public house among the local community
b) Loyal customers
c) This site is linked with pub trade for almost 2 decades now
d) Excellent turnover of the crowed especially on Friday and Saturday night
e) Last but not least this site maintains excellent revenue -
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Selecting best offer
After putting up all details you will start receiving different offers, since the economy hadn’t fully recovered from the recession, initial offers that comes may be disappointing for you. However, you have to keep patience and stay resolute in order to get the right offer. After analyzing some of the offer pick the best one amongst them. -
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Once the deal is finalised with the buyer, then he/she will pay you some advance payment as token money and rest will be payed to you as per agreement between both of you.
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After the advance payment, legal documentation process will begin. You will require an attorney's assistance in this procedure, who will help you go through this process. Below is the list of the business attorneys in London.
(a) Abrahamson and Associates
(b) Gillhams Solicitors & Lawyers
(c) Bennett Welch & Co -
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At the end of the legal documentation, buyer will pay you the remaining amount and in exchange take the possession of the bar or pub business.
