oes anyone own a bar ???
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by JamesAnderson » Tue Jul 24, 2007 5:19 pm
HI MATT
I KNOW THE BAR VERY WELL. MYSELF AND DIANE ALWAYS GO THERE TO WHATCH THE SPORTS, ESPECIALLY THE RUGBY. THERE IS NO OTHER PLACE BETTER IN CYPRUS THAN THE KEG AND BARREL TO WATCH THE RUGBY.WE ALWAYS HAVE TO BE IN EARLY TO GET A SEAT ESPECIALLY FOR THE RUGBY.
THE BAR IS RUN BY TWO BROTHERS WHO ARE VERY FRIENDLY AND ABOVE ALL HONEST. THE BAR IS ALWAYS BUSY AND WORKS MAINLY WITH LOCAL TRADE EVEN THOUGH IT IS IN THE TOURIST AREA OF PAPHOS.
I'VE READ THE ABOVE COMMENTS AND BELIEVE IT IS PURE JEALOUSY THAT SOMEONE WOULD WRITE SUCH INCOMPETENT INFORMATION ABOUT A BUSINESS THEY DON'T KNOW VERY WELL. I THINK IT'S A GOOD MOVE. IF I WASN'T RETIRED I WOULD DEFINATELY GIVE IT A GO!!! GOOD LUCK AND I HOPE YOU MAKE THE RIGHT DECISION
JAMES AND DI
I KNOW THE BAR VERY WELL. MYSELF AND DIANE ALWAYS GO THERE TO WHATCH THE SPORTS, ESPECIALLY THE RUGBY. THERE IS NO OTHER PLACE BETTER IN CYPRUS THAN THE KEG AND BARREL TO WATCH THE RUGBY.WE ALWAYS HAVE TO BE IN EARLY TO GET A SEAT ESPECIALLY FOR THE RUGBY.
THE BAR IS RUN BY TWO BROTHERS WHO ARE VERY FRIENDLY AND ABOVE ALL HONEST. THE BAR IS ALWAYS BUSY AND WORKS MAINLY WITH LOCAL TRADE EVEN THOUGH IT IS IN THE TOURIST AREA OF PAPHOS.
I'VE READ THE ABOVE COMMENTS AND BELIEVE IT IS PURE JEALOUSY THAT SOMEONE WOULD WRITE SUCH INCOMPETENT INFORMATION ABOUT A BUSINESS THEY DON'T KNOW VERY WELL. I THINK IT'S A GOOD MOVE. IF I WASN'T RETIRED I WOULD DEFINATELY GIVE IT A GO!!! GOOD LUCK AND I HOPE YOU MAKE THE RIGHT DECISION
JAMES AND DI
- JamesAnderson
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by mikesjn » Sat Sep 29, 2007 8:40 pm
Take this from someone who had a freehouse for 12 years, I made a success - own a house in Cambridge, Place in Paphos, another couple in UK, (I mean own, no bank involvement) money in bank, all made from money made by selling it back to the brewery that sold it, but for 10x what they sold it for. Takings in 1995 over £350k and had been at that sort of level for 7-8 years. So I do know what I am talking about. By the way it was sold in 1997 when I was in my mid-thirties. (I also nearly went down several times)
1) Pubs are b***dy hard work, I supposed have high stress job now, it is a walk in the park compared to the pub.
2) Trading figures can be easily manipulated, up or down - we have frends in Paphos who are basically part of a very big family who own various businesses locally . They had a pub in the tourist area (actually one then another), they were really buzzing, but they were locals, big families and gangs of mates, they run the bars, family and friends packed the place out, good accounts etc. Sold on for what I thought were high sums. Neither place has ever been the same since. Infact 1 has changed hands again and other was for sale at Christmas. This also happens in the UK, seen a country pub sold with a large turnover, only for the landlady to buy a pub 2 villages away and then get all her old trade back. Your £220K is primarily for goodwill (customer base).
4) I remember an accountant saying to me, do you want a prodit or a loss this year - bloody good accountant, I assure you. The reasoning being that if you wanted to borrow money for development etc. the bank would like to see a profit. If not a small loss or no profit negates the tax liability - I would not take too much notice of the figures.
5) Owners selling due to ill health - quite possible, not stress related is it.
6) It is your money - do what you like with it, but I would be very careful, not like Paphos is short on tourist bars, but it does seem shorter on tourists than a few years back.
7) Busy places draw people, odd, but in my experience the busier you got the more people want to go there. You see it in Paphos, queues of people for what in my experience is no better or cheaper than they could get in a UK theme bar, next to a very good (my opinion) restaurant that is half empty. If you loose all the base trade, will you get the rest through the doors.
And finally, good luck, if you decide to go for it, I reallly hope it is everything you want ( I am not taking the pee, I find nothing more sorrowful than someone sinking everything into a dream and it not working out)
M
1) Pubs are b***dy hard work, I supposed have high stress job now, it is a walk in the park compared to the pub.
2) Trading figures can be easily manipulated, up or down - we have frends in Paphos who are basically part of a very big family who own various businesses locally . They had a pub in the tourist area (actually one then another), they were really buzzing, but they were locals, big families and gangs of mates, they run the bars, family and friends packed the place out, good accounts etc. Sold on for what I thought were high sums. Neither place has ever been the same since. Infact 1 has changed hands again and other was for sale at Christmas. This also happens in the UK, seen a country pub sold with a large turnover, only for the landlady to buy a pub 2 villages away and then get all her old trade back. Your £220K is primarily for goodwill (customer base).
4) I remember an accountant saying to me, do you want a prodit or a loss this year - bloody good accountant, I assure you. The reasoning being that if you wanted to borrow money for development etc. the bank would like to see a profit. If not a small loss or no profit negates the tax liability - I would not take too much notice of the figures.
5) Owners selling due to ill health - quite possible, not stress related is it.
6) It is your money - do what you like with it, but I would be very careful, not like Paphos is short on tourist bars, but it does seem shorter on tourists than a few years back.
7) Busy places draw people, odd, but in my experience the busier you got the more people want to go there. You see it in Paphos, queues of people for what in my experience is no better or cheaper than they could get in a UK theme bar, next to a very good (my opinion) restaurant that is half empty. If you loose all the base trade, will you get the rest through the doors.
And finally, good luck, if you decide to go for it, I reallly hope it is everything you want ( I am not taking the pee, I find nothing more sorrowful than someone sinking everything into a dream and it not working out)
M
- mikesjn
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- Location: Cambridge, UK
by mikesjn » Sat Sep 29, 2007 8:52 pm
One more point about locals and pubs. I know because this nearly cost me my business. Upset one and upset all. If the local trade is one big gang, I would be very careful. Whatever they say, it does not take a lot to get them to move on. Do you know what horrible crime I commited, I started doing food - I am not joking, this got outsiders in, they did not like it. A few very worrying years later it was the best thing that happened, but money was tight until we built the trade back up (never relied on locals again after that).
- mikesjn
- Trial Member
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- Joined: Wed Mar 29, 2006 5:20 pm
- Location: Cambridge, UK
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