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Cross Keys Hotel, Saffron Walden

The Cross Keys Hotel in Saffron Walden, located at 32 High Street, CB10 1AX. Currently available for lease.

Highlights

Set in vibrant market town
Full refurbishment with £230,000 proposed development
Historic 670yr old coaching inn
Six brand new letting rooms

Address

Cross Keys Hotel
32 High Street
Saffron Walden
CB10 1AX
[view map]

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Financial Overview

Turnover

It is estimated that with the development, the Cross Keys is capable of achieving an annual sales of £528,000 per annum net, with a split of 50% income derived from dry sales, 16% from the rooms and 34% from the wet sales. Please note that these figures are for guidance purposes only.

Premises License

There is a current premises licence in place for alcohol, regulated entertainment and late night refreshment, with licensed hours being 7.00am to 1.00am Monday to Thursday, 7.00am to 2.00am Friday & Saturday & 7.00am to 1.00am Sunday. A copy of the licence will be made available for applicants to view.

Business Rates

Information about current business rates can be found at www.voa.gov.uk We always encourage our licensees to chalLenge rates by using Gerald Eve, our nominated specialist.

Terms of Tenancy,Lease Offered

A 10 year or 15 year lease or standard 3 three year tenancy agreement would be considered, with a full tie to buy all drinks products (beers, wines, ciders, spirits, stout & minerals) from Charles Wells Pub Company.

Ongoing Costs

Rent in the region of

£50,000 pa

(payable monthly in advance)

Service Charge in the region of

£150 pm

payable monthly, to include: Cellar cooling service, Buildings insurance, Boiler maintenance (tenancies only), NICEIC Electrical Test (tenancies only)

Accountancy services in the region of

£2,500 pa

fees for nominated accountant

Stocktaking services in the region of

£780 pa

we recommend all licensees should have six professional stocktakes per annum

Please note that these are estimate figures, given as a guide only

Anticipated Investment Required

We estimate the investment required for this pub would be as follows:

Security deposit in the region of

£7,500 tenancy or £12,000 lease

(paid in advance to Charles Wells Pub Company) held to cover credit and rental charges. Returnable at the end of the agreement.

Fixtures and fittings in the region of

£20,000 estimated for downstairs

(paid to the outgoing licensee via the broker at least 7 days in advance) to purchase e.g. carpets, curtains, tables & chairs, kitchen equipment

Stock and glassware in the region of

£0

(paid to the outgoing licensee on the day of changeover) to cover the value of opening stock

Valuers fees in the region of

£1,000

(paid to valuer) for valuing fixtures and fittings

Training course fees per person

£500

(payable to Charles Wells Pub Company) 5 day CRISP induction course mandatory for all licensees . NB £800 for two people

Administration fee in the region of

£500

(payable to Charles Wells Pub Company in advance) to cover e.g. premises licence changes, solicitors fees and agreement

Advance rent in the region of

£0

(usually 1 month)

Minimum working capital required

£10,000

APPROXIMATE INGOING TOTAL:

39,500 - Terms can be negotiated

Disclaimer

This financial data is provided by Charles Wells Limited as general [nformation and for illustrative purpose only. It should not be relied upon as a source of financial or legal advice either by you or by any third party. We cannot accept any responsibility to you or to anyone else for any losses arising from reliance on information or data contained within this document.

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Misrepresentation Act 1967

Charles Wells gives notice that the contents of these particulars are believed to be correct but are given without responsibility and interested parties should satisfy themselves by inspection or otherwise to their correctness. These particulars do not form any part of any offer or contract and no person in the company has any authority to make any representation of warranty to this property.

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