Tue, 27 Sep 2011 | BUSINESS SALE
Brewing giant Greene King has acquired the Peter De Wint pub on Moorland Avenue, Lincolnshire, from Enterprise Inns.
The landmark pub - which has been closed since earlier this year following slow trading – is now to become part of Greene King’s portfolio of 1,600 pubs across the UK.
Its new owner is planning to ‘invest substantially’ in the site, and transform it into a family friendly venue, according to This is Lincolnshire.
Lucy Clegg, spokeswoman for Greene King, told the newspaper, “I can confirm Greene King has bought the Peter De Wint pub in Lincoln. We plan to invest substantially in the site to develop it in to a family-friendly pub, which will create up to 40 local jobs.”
Enterprise Inns is also selling another of its pubs, The Reindeer Hotel in Lincoln’s High Street, which has a price tag of around £235,000.
Stephen Bradford of Hodgson Elkington chartered surveyors, who are handling the transactions on behalf of Enterprise Inns, said, “[The Peter De Wint pub] is in a strong location and very well placed for serving the residents of the surrounding area and shoppers from the nearby retail areas.
“There was a lot of interest in it and strong competition to acquire it, just as there has been a lot of interest in the Reindeer Hotel. The Reindeer Hotel is offered for sale on an untied basis and may continue as a pub or restaurant or be redeveloped as an alternative venue. Either way, we are confident it will sell,” he added.
This is a profitable business, which has benefitted from a regular programme of refurbishment and upgrading to keep the hotel at its best possible position.
FREEHOLD
Presenting a 30-plus bedroom venue and conference facility for sale located in a central location and boasting a substantial revenue.
FREEHOLD
Highly-regarded restaurant in a prominent position within a desirable location appealing to both locals and tourists.
FREEHOLD
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