To purchase a Pub or Bar Business in London first you need to determine how much money you can afford to put in this venture.
First option is that you can find a business dealer or broker, who has good track record in this field. Your chosen business broker will provide you the list of best available offers. In case if he doesn't have any good deal or you don't like any business deals from his or her list then, your broker will find one for you that meets or close to your demand. In exchange for this service your broker will charge you some percentage in the deal. This percentage varies from broker to broker.
Here is a list of some business brokers in London:
(a) Hornblower Business Brokers Ltd
(b) Horizon Business Agents
(c) Beanstalk Management Limited
If for some reason you cannot go to a business broker or not satisfied with this idea then, try second option to search for a pub & bar business on sale through websites on internet. Below are few websites from where you can start your search for business.
However, before you choose a business to buy, don't forget to verify following things.
(a). First of all the price of the business you have chosen should fall in your budget.
(b). Make sure that the bar or pub you have chosen is earning a good revenue. This assessment will help you project a future earning after meeting all the expenses and taxes.In order to check the revenue, you must verify the account books of the pub & bar yourself so that you will be sure that revenues projected by the vendor are depicting genuine numbers.
(c). Location is the most important thing for any business. Therefore, by keeping your target market in mind check the location of that business.
(d). After that check the occupied area of the pub and bar.
(e). It’s good to get some knowledge of the business history that you are about to buy. Because this will give you a good idea about the repute of the pub & bar in the community.
(f). Also check the strength of the staff and the salaries each one of them is entitled of.
(g). Check the menu of the pub & bar so you should become aware about the range of the beverages and cuisines served in that venue. This knowledge is important for you as you will get to know about the area which requires improvement.
(h). Since you are about to start a pub & bar business in a city like London make sure you have ample car parking space outside the pub.
(i). Last but not least get details of customers in order to determine which type of guests usually visit the pub or bar to eat and drink.
After you go through all the above mentioned key points, then asses the actual value of the business with the help of a business valuator.
(a) Parmentier Arthur Group Limited
(b) BNP Paribas
(c) Valuation Consulting
Negotiate with seller
After assessing the real value of the business, you have to make a bid for the pub & bar business that meets your criteria in London. As a buyer you should keep one thing in mind, it is not necessary that the price which seller had demand for his pub & bar is non-negotiable. Therefore, go never close bargain window and put your price in a such way that seller should feel that this is the best bid he is going to get for his business.
If you successfully reached a deal with the seller of the business then, documents will be prepared for the purchase. At this point in time you will need the assistance of an attorney, who will help you with the legal paper process.
Once all important documents are filled then, you will made some advance payment to the seller and rest of the amount will be transferred or wired to him when he will handover complete possession of the pub & bar business.