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The tenancy of Reginald Henry Budd commenced on the 29th July 1953, the rent was £90 per annum, which was increased to £112 on the 29th July 1954 on the understanding that in the event of a full license being granted, the rent would be increased by an amount equal to 2½% on the monopoly value. The landlord was The Bristol United Breweries Limited. The following note was attached to the tenancy agreement.