Thu, 15 Feb 2024 | COMMERCIAL PROPERTY
A portfolio of 25 pubs in the North East and Yorkshire has gone up for sale, months after its owner fell into administration. Milton Portfolio Op Co 3 fell into administration in November 2023, with Ryan Grant and Howard Smith of Interpath Advisory appointed joint administrators of the company and receivers of the properties it owned.
The owners fell into administration despite the pubs seeing strong performance in the wake of the COVID-19 pandemic, with a number of pubs having been renovated through a capital expenditure programme funded through investors and the government-backed Recovery Loan Scheme.
The joint administrators subsequently appointed Avison Young and Watling Real Estate to market the pubs for sale, with the venues staying open following the appointment of administrators and benefitting from strong trading over the festive period.
Emma Turnbull, Associate Director at Avison Young's Newcastle office, commented: "This sale offers a rare opportunity for a wide range of purchasers to acquire an established, strong performing pub group in a fairly tight geographic area and with a quality track record.”
“The pubs have been well managed since our client's appointment and have traded well over the festive period. We anticipate a strong level of demand and expect a busy marketing campaign."
Peter Constantine, Managing Director of Avison Young’s Leisure team said that they “expect to receive multiple offers from a variety of bidders.” He continued: “We welcome all offers, particularly for the group as a whole, but we will also consider offers for smaller packages or individual sites."
Watling Director Alex Sweetman added that the company had "developed a supporting website and accompanying data room to provide prospective parties with key property and trading information.”
The full list of pubs up for sale is:
Black Bull, East Boldon
Black Bull, Morpeth
Britannia, Houghton-Le-Spring
Cross Keys, Washington
Dirty Habit, Whickham
Dirty Habit, Whitley Bay
Elephant, Ashington
Greens, Sunderland
Guide Post Inn, Springwell Village
Lambton Arms, Chester-le-Street
Lloyds Arms, Grimsby
Millstone Hotel, Gosforth
New Inn, Wetherby
Old Courthouse, Barnsley
Ox Inn, Oxhill
Porter Cottage, Sheffield
Prior, Doxford Park
Priory, York
Red Lion, Wakefield
Ship & Royal, South Shields
Smiths Arms, Billingham
Sun Hotel, Shipley
Victoria, Whitley Bay
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