It’s fully licenced, folks! (3)

I believe the answer is:

pub

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If this is the answer, I'm afraid I cannot explain it.

(Other definitions for pub that I've seen before include "Boozer" , "Tavern, hostelry" , "Inn, hostelry" , "Place to drink" , "Inn, bar" .)

I've seen this clue in the Evening Standard.

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