Run an Admiral Pub, New Inn, Sleaford

The New Inn is a quaint, double fronted pub located on one of the main artery roads into the village of Folkingham in the South Kesteven district of Lincolnshire. The village itself is around 10 miles away from the market town of Sleaford and boasts an affluent demographic of around 800 residents. The village has a number of local amenities, including a post office, a village hall, along with the pub and there are also several local businesses, including a bakery, a garage and a farm shop. Surrounded by picturesque views and nearby to the Lincolnshire Wolds, Folkingham is popular for tourists and hikers who enjoy visiting the many local country parks and nature reserves. Rauceby Train Station is approximately six miles away and Sleaford Train Station is around seven miles away with both being easily accessible by bus and offering transport links to Lincoln, Skegness and Peterborough.

Pub Layout: The main entrance to the New Inn is straight from the roadside and into the bar area where you will find a welcoming open fireplace. To the right is space for a pool table or additional low level seating. To the left are two sets of low level table and chairs to seat around eight people. A mixture of high and low seating accompany the bar which is the main feature of the room and located along the left hand wall. To the rear of the bar area is a set of double doors which lead out into a corridor giving access to the toilets, the outside terrace, the cellar and the rear dining room. The dining room is a large space for approximately 30 covers and is bright and airy with plenty of windows, skylights and French doors out into the garden. Here you will also find access to the fully operational and good-sized catering kitchen which makes the room also very useful for private functions. The garden is a lovely space and is well kept with two patio areas and the rest mainly laid to lawn with an assortment of picnic benches and outside dining sets as well as a small marquee. Parking is located on the road to the front of the pub where there is generally ample space for plenty of cars.

Trading Style: The New Inn serves the local community primarily as a food focussed venue which is very welcomed by the villagers and visitors of Folkingham. A fantastic reputation for food, customers travel from various nearby towns and villages to visit the pub and are never disappointed with the exceptional service and wonderful, wholesome, home cooked food. A variety of activities also take place at the New Inn, including a weekly specials night, a monthly quiz, live sports, live music and a sports team. The drinks offer here is generally varied and is therefore also suitable to a variety of drinkers from those wanting a tasty cask ale, an after work pint, or a glass of red to go with their steak. The current licensees have built the business up very well and is ready for the new licensee to take the reins and develop further.

Accommodation: Private Accommodation Upstairs, you will find three bedrooms, a living room, a kitchen and a bathroom all in very good condition.

Financial:

• Annual Rent: £21,500
• Security Deposit: £5,000
• Stock: £3,500
• Working Capital: £4,000
• Business Rates: £Nil

Fixtures and Fittings: To be confirmed upon valuation–funding options may be available for the right licensee. 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.

BDM Vision: Admiral are ideally looking for an experienced couple who can manage the front and back of house in harmony to continue the amazing business that has already been built here. Maintaining the high standards of service and quality of the food offer will be imperative to ensuring that this business will thrive successfully going forwards and the new licensees will need to be sympathetic to this. The ability to introduce, implement and customise new ideas and visions that work with the already well-established business, will likely fulfil the needs of an ever-changing industry, whilst encouraging new business possibly from further afield and from those who may not have previously frequented the pub. An adaptable drinks offer and up to date menus will also be a key element to keeping the business current and vibrant within the local vicinity.

Future Plans:

Additional Information:

• 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).
• 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 – £350.00 – Before signing a long term agreement, you will be required to attend our 7 Steps to Sales Success training programme. Held online over two days, you will learn marketing and business strategies that will help you to grow sales in your pub – step-by-step.
• Service Charge Cost – £63.33 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 peace 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 for by the licensee and the licensee only occupying one property for commercial purposes. Please note, this only applies to pubs marked with an Asterix *