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Countdown to Takeover

Countdown calendar

Congratulations! You have now been appointed to a tenancy or leased house with Fuller's and the hard work and planning begins. The next few pages will assist you in checking all the elements of a successful takeover of a pub. Please work through it carefully and if you have any queries do not hesistate to contact your business development manager.

Action
Time to change day
Notes
Agree Terms
8-12 weeks
Make sure you are happy with the terms offered and if necessary take professional advice.
Heads of Terms Issued
8-12 weeks
Sign and return Heads of Terms Letter.
Instruct a Solicitor
8-12 weeks
It is important that your Solicitor has experience in Brewery leases (not required for a tenancy)
Appoint a Building Surveyor
8-12 weeks
We strongly advise you to have a full building survey carried out on the property (not required for a tenancy).
Inventory Valuation
8-12 weeks
In some circumstances Fuller's may already have had the Inventory valued. This is the cost of the Fixtures & Fittings and clearly states what is included in the sale to you. You have the right to instruct your own valuer.
Register for V.A.T.
8-12 weeks
Application forms are available at your local Customs & Excise office. Ensure you give the registered V.A.T. number to your solicitor prior to the purchase otherwise you will be liable for V.A.T. on the purchase price.
Register for P.A.Y.E
8-12 weeks
This can take a long time. You should register with your Inland Revenue Office. They may expect you to have already commenced your business but, provided you know your change date, they will accept your request.
Appoint an accountant
8-12 weeks
Dependent on your experience, your accountant can do everything for you. We operate an open book accounting policy at Fuller's and will insist you use a qualified accountant.
Decide on your bank
8-12 weeks
You will need to open a business bank account and the charges vary according to the bank you use. Shop around for the best deals.
Order PDQ Machine
8-12 weeks
Once you have opened your bank account it is important to order a credit card machine. This will allow you to take credit cards and give cash back to customers which will save banking charges.
Marketing/opening plan
8 weeks
Dependent on the circumstances (i.e. operation stays the same or major investment) you may wish to organise a marketing campaign or, at the very least, tell customers who you are.
Organise insurance
4 weeks
You will need to organise public liability, F&F, stock, public & employer's liability.
Organise day of change stock
4 weeks
The outgoing tenant or lessee will probably organise a stocktaker for himself on the day of change. As part of your agreement with us you must appoint a stocktaker to assist you on takeover day and for future stocks.
Ascertain staff detail
4 weeks
There is a legal obligation to take on the staff (speak to your solicitor or broker) of the pub.
Ascertain details of all regular suppliers
4 weeks
Find out which suppliers the existing tenant or lessee uses. You will need to set up new accounts with those you wish to continue with. Tricon IPA can provide competitive quotes on all non drink suppliers. Tel 01372 466225. Consider pre-packed snacks, food suppliers, bar sundries, COČ gases, music and tapes, amusement machines, beer line cleaner, toilet supplies and machines, window cleaner, cigarettes, matches, cigars, confectionery, entertainers etc etc.
Agree transfer of service
4 weeks
Gas, electricity, water & sewage, telephone, refuse collection, business rates, council tax, cellar and gas supply.
Locks
4 weeks
Organise a locksmith to change appropriate locks on the day of change. Don't forget safes and spirit cupboards.
Catering offer
4 weeks
If an offer exists, it may be wise to maintain continuity to begin with at least. If a cook is employed, you may wish to encourage them to carry on. If the partner did the cooking you will need to obtain a replacement fairly quickly.
Bookings
2-4 weeks
Find out whether there are any bookings which need to be honoured and deposits which have already been paid, e.g. functions, weddings, DJs, entertainers, accommodation bookings, restaurant bookings, outside bars, etc. Also, find out if there are any annual or regular events of which you should be aware.
Local maintenance
2-4 weeks
Build up a list of local contact names for emergency breakdowns and day-to-day repairs, e.g. locksmith, plumber, refrigeration engineer, electrician, builder, catering equipment repairs, audio repairs, till engineers, etc.
Sign Direct Debit mandate
2 weeks
Fuller's & Britvic require you to pay your accounts by direct debit.
Lodge Funds
0-2 weeks
You will need to lodge the necessary completion monies with your solicitor (lease) or broker (tenancy). Please remember these need to be cleared funds so if you are paying by cheque allow time for the cheque to clear the banking system.
Sign the agreement
0-2 weeks
In the case of a lease your solicitor will advise when you need to sign and when to complete. A tenancy agreement is much simpler and will be signed on or just before the change day.
Pub domestics
0-2 weeks
While you will have learnt a lot about the pub and the area, a meeting with the outgoing tenant or lessee may be useful to get last minute information, e.g. opening hours, trouble-makers, names of people barred, the police relationship, situation in respect of children, pub teams, noise and neighbour issues, etc. Try to get a picture of a normal week.

This page was printed from the website of Fuller, Smith & Turner P.L.C at http://www.fullers.co.uk/