Wed, 14 Sep 2011 | BUSINESS SALE
Another section of the former pub portfolio belonging to tycoon Robert Tchenguiz is to be sold off.
PricewaterhouseCoopers has charged property agent Christie & Co with finding new buyers for 37 pubs from the former R&L Properties No.6 pub portfolio. The pubs fell into the hands of administrators PricewaterhouseCoopers last month.
The vast majority of the freehold pubs are located in the south and west of England, and the collection comprises city centre bars, destination country inns and community pubs. Three of the pubs for sale are situated in Scotland.
Director and head of pubs at Christie & Co, Neil Morgan, told Big Hospitality, “This instruction from the administrator includes many high quality outlets, benefiting from their almost exclusively freehold tenures.
“Our recent experience tells us that these pubs will be of significant interest to PubCo investors and to tenants looking to make the transition to owning their freehold. We’re delighted to have received the instruction and extremely confident that the 37 pubs will generate great interest,” added Mr Morgan.
The current sale follows Christie & Co’s earlier attempts to sell 126 other former R&L pubs. The property agent was tasked with selling the commercial premises – which made up some of R&L Properties No 1, No 2 and No 5 portfolios - in April of this year.
Amongst the 37 pubs currently up for sale is the Prince of Wales in Brownhills, the Tiddlers Market Drayton in Salop, the New Court Hotel in Usk, the Cycle Tavern in Auchtermuchty and the Temple Inn in Temple Cloud near Bristol.
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