Called to the Bar - The Barristers that bought an Islington pub

 Andrew Thornton is a barrister at Erskine Chamber. Last year he bought a pub with four of his colleagues. Best job in the world? We find out...

Owning a pub with four mates – sound like if Carslberg made jobs… you must be living the dream!?

We have been running the pub for a year now. We have had quite an eventful year, with a major refurbishment at the start as well as dealing with the impact of the credit crunch. However, a year on, and having just recruited a fantastic new chef from the Dorchester, we are finally feeling able to relax. Our manager Damien heads a fantastic team and it is really nice to be able to go into the pub and enjoy it rather than worrying about the nitty gritty of managing it.

You are all barristers, and four of you work together at Erskine Chambers, what’s it like mixing business with pleasure?

Although five of us are owners, only three of us are directors. This is about the right balance. We have regular meetings of the five of us to discuss headline issues but the manager and chef know to call one of the three of us if he needs to discuss anything. As this is a side project for us, we try and leave the management to the guys on site as much as possible. We try to avoid monopolising Chambers’ tea with discussions about gross profit margins on wet sales and that sort of thing. I think our colleagues think we are mad.

What prompted you to take the plunge? Was it just a case of you having a chat over a pint…?

The Marquess is my local. In about April last year, I became aware that the pub was for sale. I have invested as a so-called ‘angel investor’ in a number of business over the past few years and felt that with a few tweaks the Marquess could be really successful. Originally I was proposing to buy it along with another friend but as negotiations progressed he got cold feet and it looked at though the deal wouldn’t happen. Much to my surprise, when I told some of the guys in Chambers about this, they jumped at the chance to become involved and eventually it was agreed that five of us would form a company to complete the purchase. We then had to bid against another purchaser but eventually succeeded. We opened in July 2008 and immediately closed for a month to refurbish, reopening properly at the start of September 2008.

How often do you go down to The Marquess now? Is it a free night, every night for family and friends?

It varies. Two of us live in Islington and are there more often than the others. Three of us form the board of directors and have a meeting with the manager and chef every couple of weeks. We have been very careful to run the pub as a proper business and therefore pay for everything we eat and drink. We try to drag friends (and sometimes clients) down there when we can but usually end up treating them. One of the nicest things about buying the Marquess has been building a great relationship with the regulars and so I tend to spend my Friday evenings in there more as a local than as an owner.

What are your hopes and dreams for the pub?

The Marquess has been trading for about 150 years but there is a lot of competition in Islington. It is a beautiful Grade II listed building and has a nice mix of locals who come to the pub to drink and diners who tend to come from further afield. This strikes a really nice balance. Our primary aim is to try and facilitate the pub being able to continue trading. The economics of it are really tough, with the margins on alcohol being really slim. This is why so many pubs are seeking to maximise their food revenue. We would like to maintain and enhance our reputation from being a good local pub serving great food and offering decent value.

Any advice for some publican hopefuls?

I think the first thing to do is to throw away your rose tinted glasses. Running a pub is great fun but also very tough. It is not a get rich quick scheme. Two things stand out for me. First, like any business, it is imperative to plan the finances property. There are lots of hidden costs involved e.g. maintaining CCTV, having commercial waste removed etc. Also, as I said earlier, the profit margins are not great and so a very tight ship has to be maintained. Second, the staff are everything. We employ 18 staff and they have to be managed. Unless you have experience of running a business, it is essential to employ experienced managers. Certainly, having a manager in place who has lots of experience has stopped us making some stupid mistakes and enables us to sleep a little easier at night.

 If you're out tonight and fancy a pint, show some support and hook a left to The Marquess - we'll be heading down there ourselves.

 Marquess Tavern

32 Canonbury street
Islington, N1 2TB
020 7354 2975

www.marquesstavern.co.uk