Anybody know anything about pubs?
After years of refusing to deal with them (other than as a punter) one of my clients has money in his pocket and, despite my tutting, is determined that this is what he wants to invest in. He has a background in the restaurant business.
He's looking at a well established and maintained pub including restaurant and a few bedrooms. Turnover approx 55% food, 35% wet & 10% accommodation.
What I'm interested to know is the sort of questions he should be asking or numbers he should be looking at, also whether there are industry rules of thumb over valuations. There's a manager, chef & staff in place and I doubt he'll want to upset that to start with but longer term he's likely to want to take over as owner/manager.
Not much to ask I know(!) but any help to save me looking like a disinterested wally, would be gratefully received.