Perhaps Holly’s outside watering hole, close to drunk (4)

I believe the answer is:

bark

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'perhaps holly's outside' is the definition.
I can't tell whether this definition defines the answer.

'watering hole close to drunk' is the wordplay.
'watering hole' becomes 'bar' (watering hole can mean a drinking establishment).
'close to' says to take the final letters (the close/ending of).
The final letter of 'drunk' is 'k'.
'bar'+'k'='BARK'

Can you help me to learn more?

(Other definitions for bark that I've seen before include "Outer part of tree" , "possibly causing alarm in 23 [CATTERY] ?" , "Dog sound or tree coating" , "Canine noise" , "Outer covering of tree" .)

I've seen this clue in The Times.

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