Pub company Greene King has launched a new set of lease and tenancy agreements, aimed at increasing licensee length of tenure and boosting licensee profitability.
The new agreements will go live in August, meaning that Greene King will offer a lease agreement and three different tenancy agreements, designed to suit the experience and financial situation of incoming licensees.
The new lease agreement, called Horizon, is a 10-year-plus lease which is assignable after two years and approved by the Plain English Society.
There are three tenancy agreements, which reflect the fact that Greene King is a tenancy-focused business, are called Touchstone, Touchstone Plus and Access. Access aims at attract highly talented people who may be less well funded and will see Greene King back them financially, sharing risk and funding training, legal and accounting fees and helping with capital and initial stock costs.
Simon Longbottom, managing director at Greene King Pub Partners, said: “The main aim is to update our existing agreements to enable us to attract and keep the best talent in the business. We have a lease agreement, and three different tenancy agreements, which allow us to be flexible to suit the needs, experience and financial situation of incoming licensees. They have all been written in plain English to make the process as simple as possible.”
The suite of new agreements will become available on 1 August with the first “live” agreement expected in September.