Investment plan for Lucha Libra, formerly Sun Inn, Leicester

Transcription

Investment plan for
Lucha Libra, formerly
Sun Inn, Leicester
Lucha Libra
Leicester
About Star Pubs & Bars
Our Winning Channels
Project Core Values
Proposed Channel
The Work In Detail
Proposed Refurbishment Scheme
Location & Catchment Area
Customer Expectations & Behaviour
Financials
Case Study
Contact
2
Who We Are
Star Pubs & Bars is the leased pub division of HEINEKEN in the UK and we’ve
been passionate supporters of the Great British pub for more than 200 years.
Our ambition has always been to be the most successful leased pub business
in the UK by attracting and developing outstanding talent, supporting our
lessees with industry-leading retail advice and owning and investing in one of
the industry's best leased estates.
Our continuing success shows that it’s the unique partnership between Star Pubs
& Bars and our self-employed lessees, which produces the best pub experiences
and the most successful pubs. Our operators bring their entrepreneurial energy
and flair, whilst we bring a deep understanding of the market, industry-leading
retail advice and a range of innovative support packages.
Our Pubs
In recent years we have spent £600 million purchasing all the freeholds in
our estate. We have made this investment in order to preserve each pub’s
individual character and secure their long-term future. We now have 1,250
attractive pubs, in prime locations across the UK. We believe this is the perfect
size; we are big enough to negotiate the best deals with suppliers but small
enough to offer the individual support every pub needs.
We continue to invest in developing these pubs in order to attract ambitious
and forward thinking lessees who will want to invest with us. Together we
are developing great pubs and generating good returns for both parties. This
enables us to maintain the Star Pubs & Bars estate’s premium positioning
with great pubs and strong businesses, which appeal to skilled operators.
Email your enquiry NOW or call us on 0500 94 95 96
or visit www.starpubs.co.uk
*Source: HIM Research & Consulting Tenant Track survey 2013.
Lucha Libra
Leicester
Project Core Values
Proposed Channel
The Work In Detail
3
Community Wet Led Clubs & Pubs
CWLCP
Great Food
Great Pub
Great Food Great Pub
GFGPPubs Some Food
Mainstream
Of Course no two pubs are ever the same but there are certain recognisable categories that we use to
Mainstream
Pubsmarket.
Some Food
MPSF
Bit Of
Style
plan and focus future investments on the correct
target
These categories
are:
Often found at the heart of large residential
Great
Food
Great
Pub are dominated by
estates,
these
pubs
and bars
wet sales and feel very traditional in their style and
décor. Customers tend to be ‘regular blokes’ aged
overMainstream
35 who like toPubs
drink Some
alone or
in small groups.
Food
These pub-goers use their local to socialise with
friends and family, play traditional pub games
and Bit
strengthen
the bonds of their close knit
Of Style
communities.
CWLWet
pubsLed
are Clubs
busiest&between
Community
Pubs 8pm
and 10pm but there is some lunchtime trade.
YPVs
BitCWLCP
Of Style
Found mainly in cities and larger town centres,
YPVs
GFGPoffer a premium pub experience
these
outlets
set against either a classic or a contemporary
background. In either case, each pub’s
individual
style is reflected in its food offer and
MPSF
other features such as free Wi-Fi. Customers
tend to be career guys, regular blokes or
detached
moderates in all male or mixed
BOS
groups,CWLCP
typically aged between 24 and 34.
Customers mostly use these outlets between
8pm and
10pm as part of a big night out or
YPVS
simply
to
loosen up
andLed
haveClubs
a laugh.
Community
Wet
& Pubs
GFGP
Financials
Case Study
Contact
Mainstream Pubs Some Food
Typically found in town centres, these pubs provide
a more
offer than CWL outlets and serve
Bit refined
Of Style
some food including main meals. Depending on their
location, customers tend to be ‘regular blokes’, ‘career
guys’ or ‘tribal drinkers’, aged over 35, who enjoy a
YPVs
traditional pub experience especially in the evening
and at weekends. Such outlets represent both
‘average’ pubs on the high street and a destination
location that attracts a more diverse consumer base
including women aged 35-49. Besides socialising,
customers use mainstream pubs to take a break and
celebrate a big night out.
Great
Food Great Pub
MPSF
Typically found in locations away from the
highMainstream
street,
villages
andFood
rural areas,
Some
BOSsuch asPubs
these pubs are characterised by their high
quality food, cask ale and premium cider
offer.Bit
Customers
Of Styleare varied but led by regular
YPVS
blokes, male traditionalists, career guys and.
Customers’ ages range from 35 to 64 and
these pubs tend to be busiest in the evenings,
YPVs
between 6pm and 10pm, and at weekends
with couples and adult family groups enjoying
a special meal, a celebratory drink or just
quality time together.
YPVs
BOS
These outlets have a specific appeal
to 18-24 yearYPVS
olds and cater for a
wide variety of these customer needs.
Attracted by the music offer and the
general ‘vibe’, buzz seekers, tribal
drinkers and party girls, usually in mixed
groups, will gather in YPVs for high
energy, late nights out but they will also
use these outlets earlier in the evening
for a ‘little treat’ or to ‘enhance good
times’. Popular YPV drinks include wellknown brandsCWLCP
of beer, cider and stout
depending on the occasion.
GFGP
MPSF
BOS
YPVS
Lucha Libra
Leicester
CWLCP
Community Wet Led Clubs
4 & Pubs
CWLCP
GFGP
GFGP
MPSF
Bit Of Style
MPSF
BOS
Lucha Libra, formerly Sun Inn,
29BOS
Church Gate, Leicester, LE1 3AL
Current Channel:
Bit Of Style
YPVs
Proposed Channel:
YPVs
Project Core Values
The pub currently known as The Sun Inn enjoys a prominent position on
Church Gate, one of Leicester city centre’s most vibrant retail streets. During
the day, Church Gate is full of shoppers searching for bargains and specialist
goods in the wide variety of small, independent stores whilst at night the
presence of fashionable restaurants, night clubs and take away outlets means
the area is particularly popular with students and younger pub customers.
Ideal Lessee Profile –
Skill Set and Experience
To maximise the outstanding potential of this site, it is desired to reposition the
pub ‘s offer in order to attract more daytime shoppers and office workers whilst
making the pub an integral part of the city centre’s night time pre-club circuit.
To highlight this new direction the pub’s name will be changed to Lucha Libra (a
Spanish-Mexican phrase loosely meaning ‘freestyle’) and fully refurbished in order
to appeal to a wide variety of these important customer groups.
• Some background in drinks service, however
we can provide superb cellar and dispense
training for all our leading brands.
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
Key to the pub’s future will be the improvement of the site’s visual appeal
and the establishing of a quality food and entertainment offer. The proposed
refurbishment will therefore transform the exterior with replacement lighting
and signage that displays the new name. Similarly, the internal trade areas will
be completely remodelled to create a DJ booth and new dining areas whilst
the existing commercial kitchen will be repaired and re-equipped
YPVS
YPVS
• A proven track record in running successful
outlets of this type and the catering skills to
deliver a simple yet quality food offer.
• Good marketing and entrepreneurial skills in
order to create a vibrant, go-to venue on the
pre-club and night time circuits.
• A robust business plan outlining your
proposals to drive footfall throughout each
day’s different trade periods.
• A commitment to the highest retailing
standards and an eye for detail, together
with the ability to train and motivate staff to
deliver exceptional customer service.
Lucha Libra
Leicester
5
YPVs
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
These outlets have a specific appeal to 18-24 year olds and
cater for a wide variety of these customer needs. Attracted
by the music offer and the general ‘vibe’, buzz seekers, tribal
drinkers and party girls, usually in mixed groups, will gather
in YPVs for high energy, late nights out but they will also use
these outlets earlier in the evening for a ‘little treat’ or to
‘enhance good times’. Popular YPV drinks include well-known
brands of beer, cider and stout depending on the occasion.
Who
Mainly 18 - 24 year old drinkers from Buzz Seeker, Tribal drinkers
and Party Girls, most frequently in mixed groups. Buzz Seekers
and Party Girls becoming more important as energy levels rise
and reflected more balanced gender mix.
What for
Lower energy occasions leading with stout, standard cider, lager
and RTDs graduating to ciders and spirits in higher energy.
When
Venue dependent: Lower energy over indexing during the day and on
weekdays with higher energy locations peaking late night at weekends.
Why
Occasion and Need State dependent. Lower Energy: "Standing Out"
and "Sociable Bonding" are important with Higher Energy: "Big
Night", "Little Treat" and "Enhancing Good Times".
See a similar pub
Lucha Libra
Leicester
6
In accordance with the project’s core values, the following work will be carried out:
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
• Exterior Front: to improve the visual appeal of the pub, the
existing frontage will be repaired and fitted with new feature
lighting and signage, displaying the new name Lucha Libra.
• Kitchen: the existing commercial kitchen facilities will be
brought up to the standards required by the new food offer
and made fully compliant with current catering laws.
• Interior: all internal trade areas will be refurbished, a new DJ
booth will be installed and the F&F (such as lighting, curtains
and seating) will be repaired or replaced as necessary.
• Toilets: the ladies, gents and disabled facilities will be fully
refurbished.
• Bar: the existing bar counter and back-fitting will be
replaced in order to modernise the facilities and increase
merchandising opportunities.
• Private Accommodation: the licensee flat and office will be
fully redecorated to comply with the Ready to Trade pledge.
Lucha Libra
Leicester
7
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
Lucha Libra
Leicester
8
Lucha Libra, formerly Sun Inn,
29 Church Gate, Leicester, LE1 3AL
The Mosaic Report
There follows a brief guide to the key customer groups for this outlet
and how the proposed refurbishment will cater for their needs...
Target Customer Groups
The top two target Mosaic customer types living within a
one mile radius of this outlet are as follows:
Project Core Values
Group K: Upper Floor Living
Group
• Upper Floor Living
Young, mostly single
people, renting
moderate flats from
local councils.
Proposed Channel
The Work In Detail
Group M: Industrial Heritage
• Liberal Opinions
Young, well-educated
city dwellers enjoying
the vibrancy and
diversity of urban life.
Financials
Case Study
Contact
Group N: Terraced Melting Pot
The Area
Leicester is one of the UK’s most cosmopolitan cities and this fact is
reflected in the diverse range of food, drink, entertainment and retail
outlets found in the bustling city centre. Church Gate, which runs
between Highcross and Haymarket shopping centres, exemplifies
this diversity and boasts a wide range of specialist shops selling
everything from exotic herbs and spices to jewellery and sheet
Lyndon
and
Thelma
RajaandShazia
music. There is also a growing
number
of bistros,
coffee shops and
fast food outlets in the area,
and
as
a
result,
Church
Gate
enjoys
a
7.40% of UK households
7.02%
of UK households
high footfall amongst shoppers
and
office workers as well as young
(Types
54-56)
(Types 57-60)
Industrial Heritage people are traditional
Terraced Melting Pot people work in relatively
adults looking for a great night
out.
andconservative,livingincommunitiesthat
menial,routineoccupationsandarepoorly
historicallyhavebeendependentonmines,
millsandassemblyplantsfortheirlivelihood.
Most of these people are married and are
approaching retirement age. Their children
have left them in a family home larger than
they really need and their mortgage is nearly
paid off.
educated.Themajorityareyoung,somestill
single,otherslivingwithapartnerwithchildren
of nursery and primary school age. These
people live close to the centres of small towns
or,inLondon,inareasdevelopedpriorto1914.
TerracedMeltingPotneighbourhoodstend
Whilst many people in this group work in
tobedenselypackedterracedhousingsome
ofwhichisowneroccupied,therestrented,
Group O: Liberal Opinions
Jamal and Chantel
Henr
5.18% of UK households
(Types 45-49)
5.96% o
(Types
Upper Floor Living people are on limited
incomes and rent small flats from local councils
or housing associations. Typically these people
are young single people or young adults sharing
aflat.Theymayalsobesinglepeopleofolder
working age or even pensioners.
UpperFloorLivingneighbourhoodsaremost
commonininnerLondon,Scotlandand,toa
lesserextent,largeprovincialcitiesinthe
north of England.
Johan and Freya
Quiteafewofthelargerblocksthatthese
8.48%
of UK households
peopleliveinhaveturnedouttobeless
attractive61-67)
places to live than their architects
(Types
and planners
had originally envisaged.
Liberal
Opinionsareyoung,professional,
As a result many of them are hard to let.
welleducatedpeople,cosmopolitanintheir
tastes,liberalintheirviews,whoenjoythe
Notnecessarilylivinginhousingoftheirown
vibrancyanddiversityofinnercityliving.
choice,manyresidentsaredisadvantaged
Theseneighbourhoodsalsocontainahigh
bylivingamongneighbourswhosufferhigh
proportion
of the country’s students living in
levelsofvulnerability.Ontheotherhand,in
term-timeaccommodation,whetherinhalls
thosepartsofLondonwheremoneyhasbeen
of
residence or shared accommodation.
investedintherenovationoftheseblocks,
someoftheflatshavebeensoldtoprivate
Popularoccupationsincludejobsinjournalism,
owners and can prove attractive to young
politics,entertainmentandthearts,aswellas
Elderly N
are now
manage
house an
number
70s,80s
physical
Somem
havehad
peoplew
could ne
thantoa
groupwh
ofafami
form of p
retireme
ElderlyN
types of
nursing
serviced
designed
suchas
estate.T
througho
Lucha Libra
Leicester
9
The following table illustrates the top four reasons for visiting a pub in the Leicester city centre and the
proposed changes to Lucha Libra that will meet these customers’ needs and expectations:
Project Core Values
Proposed Channel
Out on the
Town
The Work In Detail
Click each need to see the
refurbishment response.
Financials
Case Study
Evening
Local
Top 4
Customer
Needs
Contact
Pub Play
Big Night
Out
Lucha Libra
Leicester
10
Project Core Values
Proposed Channel
Out on the
Town
The Work In Detail
Financials
The remodelled bar, quality food
offer and new DJ facilities will
help establish the outlet as a
popular venue on the pre-club and
night time circuits.
Case Study
Contact
Back
Lucha Libra
Leicester
11
Project Core Values
Proposed Channel
Big Night
Out
The Work In Detail
Financials
The feature lighting and signage
displaying the new name will
enhance the pub’s visual appeal and
raise its profile across the city centre.
Case Study
Contact
Back
Lucha Libra
Leicester
12
Project Core Values
Pub Play
Proposed Channel
The Work In Detail
Financials
The outlet will have space for a
variety of popular pub games and
be suitably equipped to cater for
these important customers.
Case Study
Contact
Back
Lucha Libra
Leicester
13
Project Core Values
Proposed Channel
Evening
Local
The Work In Detail
Financials
Case Study
The improved food and new bar
facilities will help attract office
workers looking to socialise with
colleagues or enjoy a quiet drink
on the way home.
Contact
Back
Lucha Libra
Leicester
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
14
The fair maintainable turnover of this business is estimated at £378,021pa (exclusive of VAT), based on
current trading conditions. This estimate is subject to there being no substantial future changes to the trading
conditions affecting the business. Prospective lessees must satisfy themselves as to the sustainability of the
trade and this should be reflected in the Business Plan.
The current rateable value of the business is £16,000 with rates payable of £7,000. This does not take account
of any applicable transitional relief and the figures are quoted for the purpose of business planning only.
Competitive Discounts on all HEINEKEN UK Limited purchases
Estimated Annual Volume - 225 Barrels
Estimated lessee profit £29,034.00
Rent per annum £25,000.00
Rates payable 7.2% £7,000.00
Your Investment (£)
Fixtures & Fittings
£40,000.00
Stock at valuation
£3,500.00
Rent in advance
£2,083.00
One month's insurance
£140.00
Valuation£800.00
Training£1,000.00
Deposit£9,000.00
Total Startup
£56,523.00
Long Term Fri Lease
Cost of lease
£475.00
Minimum Initial Capital Required
3 Year Rolling Tenancy
Cost of lease
£220.00
Minimum Initial Capital Required
£29,000.00
Lucha Libra
Leicester
15
So Bar & Eats, Harrogate
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
Read about one of our recent projects.
Transferring a winning formula to new pub can be fraught with problems but
award winning licensees Rob and Alison Thompson have found Star Pubs &
Bars are the prefect partners for multiple operators planning to expand their
business.
Rob and Alison know that the pool of customers in small market towns is
limited, therefore pubs in these locations must offer premium quality food
and drink that suits the broadest variety of customer needs and occasions
if they are to survive. To put their ideas into practice they launched their ‘So
Bar & Eats’ concept in the North Yorkshire town of Knaresborough and the
success of their first pub encouraged them to expand with a second house.
Soon they were ready for a third outlet and they chose a pub on the outskirts
of neighbouring Harrogate as the perfect site for the next So Bar. There was
a considerable amount of work needed to transform this old fashioned, wet
led pub into a popular food destination but Star Pubs & Bars worked closely
with Rob and Alison to help them realise their vision.
The project enlarged and upgraded the kitchen, and creates the versatile,
contemporary styled dining areas that are essential to the So Bar philosophy.
Since opening So Bar Harrogate, Rob and Alison have seen all their pubs
outperform local competitors and their latest pub has carried off several
local and national awards including The Morning Advertiser’s Great British
Pub Award for best partnership pub.
Lucha Libra
Leicester
Project Core Values
Proposed Channel
The Work In Detail
Financials
Case Study
Contact
16
Like most modern urban areas, Leicester’s city centre pubs need to
cater for three different categories of customer. Daytime shoppers
need a place to take break, office workers are looking for a somewhere
to eat and/or meet colleagues whilst night time pub goers are looking
for a lively party venue. These groups are not mutually exclusive and
the proposed refurbishment will help the right operator build a loyal
customer base in all these sectors of the market. In short, this project
is going to significantly enhance this business, now we would like to
see how you are going to use your individual flair and ideas to make
the most of this fantastic pub.
This is an outstanding opportunity to acquire an exciting pub business
with real potential for growth. Interested parties are therefore advised
to email, call 0500 94 95 96 or follow the simple online application
process at www.starpubs.co.uk, as soon as possible.
Apply for this pub >

Investment plan for Lucha Libra, formerly Sun Inn, Leicester

Transcription

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