The lot of the local licensee (3)
I believe the answer is:
all
'the lot' is the definition.
(I've seen this in another clue)
'of the local licensee' is the wordplay.
'of' indicates a hidden word.
'ALL' is hidden within 'local licensee'.
(Other definitions for all that I've seen before include "The works" , "that's as many as there are" , "100%" , "'... things come to those who wait'" , "Garden passage between trees or bushes" .)