Property Description
The Pride of Pendle
The Spinning Mill is located on the main road between Colne and Nelson, near Burnley. It’s a densely populated area with almost 11,000 people living withing a 20-minute walk of the pub. In this area is limited competition and there is a gap in the market for a good food and drink offer. A refurbishment will turn the Spinning Mill into a premium community pub.
When refurbished, the Spinning Mill will appeal to a very broad spectrum of customers due to its multi-income stream offer. The new licensee can expect income streams from couples and groups of friends, diners and families during the week as well as pool and darts teams.
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Serious Potential
Post refurbishment, the Spinning Mill will offer a range of drinks including some premium and value lagers, craft beer, ciders, ales, premium spirits and cocktails. A home-cooked, traditional pub classics food menu will nourish the hungry locals. Whilst casual guests can enjoy coffee, Wi-Fi, live sports and entertainment as part of the rhythm of the week.
The planned refurbishment to the Spinning Mill will allow a new operator to build a reputation as one of the best pubs in the area. The quality of the surroundings, a loyal local community, 77 covers and fantastic outdoor space will make this pub stand out well above the competition. All we are looking for is the right operator!
Inside, the pub will be redecorated which will include new lighting, new furniture and new bric-a-brac. We will also be refurbishing the ladies toilets and make repairs to the gents. This will give the pub a whole new look and feel and attract a variety of customers.
The garden and smoking area will be enhanced with new furniture and a full redecoration. We will also install new signage and lighting. These works will give the pub a much more premium feel and will enable the new licensee to offer a fantastic space throughout the year.
Please refer to the Refurbishment Details document in the Downloads section for further information on the planned investment.
Applicants should be aware that all refurbishments are subject to final board approval which will be determined as part of the leasing process.
Where a significant investment is made in a pub by Star Pubs & Bars, an "Investment Exemption" will be required. The exemption means that the option of a Market Rent Option lease won't be available at rent review for a period of up to seven years for this site, as per The Pub Code (2016).
Private accommodation at the pub consists of two bedrooms, an office, lounge, kitchen and bathroom.
Premises License available upon request.
Agreement Type
Investment Tenancy
Property Facilities
Kitchen
Pub Games
Outdoor Trade
Private Accommodation
Parking
Cask Ale
Property Financials
Additional Information
In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs are not included in the rent model or ongoing costs below.
Note that on FRI Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased.
A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors.
The above figures are provided as a guide only and will be finalised as part of the commercial agreement
* All figures quoted are exclusive of VAT
** Deposit build up will be payable over a maximum of 24 months
*** Fixtures and Fittings annual rental fee should be estimated at 15% of the F&F value. The actual F&F value will be determined on the day of entry
**** Maintenance Compliance Charge relates to the fees for various statutory inspections
***** Estimated Legal Fees is a charge applied to your account by SP&B for creation of your Lease. You are required to engage and pay for your own solicitor - your solicitor's fees are not included in the above estimate
* The above figures are provided as a guide only and will be finalised as part of the commercial agreement.
** All figures quoted are exclusive of VAT
The above figures are provided as a guide only and will be finalised as part of the commercial agreement.
All figures quoted are exclusive of VAT
The above figures are provided as a guide only and will be finalised as part of the commercial agreement. All figures quoted are exclusive of VAT.
Estimated Working Capital is an estimate of key start-up costs such as professional fees, training fee, premises license fee, F&F valuation fee & till floats. There will be additional ongoing charges payable during the term of the agreement such as property maintenance, repairs fund, SmartDispense. These costs will be outlined prior to completing a business plan and finalised at Heads of Terms.
The calculation of the Estimated Minimum Ingoing Costs assumes a minimum deposit of 1 month's rent and that fixtures and fittings (F&F) are rented. The subsequent deposit build up and F&F rental costs should be included in your financial assumptions in your business plan. Note that on FRI and Investment Tenancy Agreements deposits will always be 3 month's rent in advance and fixtures and fittings (F&F) must always be purchased. A deposit of 6 month's rent will be required for operators trading under a Limited Company with no Guarantors. In order to ensure a successful start-up, all applicants must have a minimum £10,000 un-borrowed funds.
MISREPRESENTATION ACT 1967
My Hospitality Solutions Ltd advises that the contents of these particulars are believed to be correct and Lessees should satisfy themselves that they are accurate.
The information and images displayed about the properties advertised comprise a property advertisement only. My Hospitality Solutions Ltd is not liable for the accuracy or completeness of the advertisement or any linked or associated information and My Hospitality Solutions Limited has no control over the content.
