Neil Morgan Becomes Christie + Co's New Head of Public Houses

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pubfocusCorporate pub news from Christie + Co Winter 2007/2008

“I am delighted that I have been given the opportunity to head up Christie + Co’s pubs sector activity following Colin Wellstead’s retirement and I look forward to working with the exceptional team that we have in our Corporate Pubs division. Despite the many recent issues, the pub sector is generally in good shape. I am sure that Christie + Co will continue to play its part in the industry throughout 2008 and beyond,” says Director & Head of Public Houses, Neil Morgan.

Neil Morgan becomes Christie + Co’s new Head of Public Houses Contents include

Calco Midlands makes a Bold move 2 Aprirose takes nine Revolutions 3 Colin Wellstead looks back on his 40 years in the industry 4 Gourmet Holdings exits via the Highwayman 5 Wishing for high street sales 7 New instruction from Adnams 8 Acquisitions aid Blubeckers’ expansion 9 Brand new canalside pub opening 9 Nightclub sold for VIP 11 Freehold prices increase as competition mounts 12 Venners helps to improve food safety 14 Meet the Corporate Pubs team 16 In May this year, Colin Wellstead announced the industry, which has been invaluable in that, after nearly 25 years with Christie + Co, developing Christie + Co’s position in the he had decided to retire from the business market and has also helped many clients to to pursue a life of leisure in his home county maximise value in their pub estates. After nearly of Dorset. 40 years within the industry Colin is looking forward to taking things much easier, but still He will formally leave the business in retaining an interest in the licensed trade. December 2007 and will be replaced by Neil Morgan, who has been with Christie + Co According to Colin, “Neil Morgan is very since 1994 and has worked closely with Colin well thought of within the industry and I am throughout the majority of that period. delighted that he has been chosen to lead the pubs team. I am confident in his ability to During his time in Christie + Co, and prior maintain Christie + Co’s position as the leading to that, with Bass and Whitbread, Colin has advisor to the pub industry and to take the developed an encyclopaedic knowledge of business to the next level.”

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Calco Midlands makes a Bold move

by Noel Moffitt, Director Market Intelligence by Neil Morgan, Director Lease market activity continues to increase

Following many years of merger and acquisition The Spirit lettings project is not just remarkable activity there has been an ongoing conversion of because of the number of pubs involved; it has managed houses to lease. Christie + Co has been also significantly changed the nature of the lease at the vanguard of this with a number of recent market. Although lessees were accustomed to letting projects including: paying premiums for lease assignments prior to The Railway Hotel, Atherton, Manchester the Punch Taverns project, the industry had Punch Taverns rarely sought premiums when granting new Just 15 months after the first lease agreement leases. Recognising the quality of the new leases was signed, we completed the Spirit lettings Punch Taverns was able to offer, Christie + Co The Bold Pub Company, and its portfolio of 30 campaign, transferring 637 former managed recommended that premiums should be sought freehold properties, was recently acquired by houses into Punch Taverns’ leased estate. — for the first time ever. Calco Midlands for an undisclosed sum. The pubs in the Spirit estate had operated as The Bold Pub Company was formed in 2004, managed houses for a number of years and were by Ken Buckley and Phil Dearden, with the generally of exceptionally good quality, with acquisition of 10 freehold pubs. Following this average annual turnovers of between £450,000 first acquisition, the company successfully and £500,000. Many publicans never imagined developed a portfolio of 29 pub businesses, that pubs of this quality would be available on most of which traded as Value Inns. We were the lease market, so the letting campaign instructed by the owners of the Bold Pub generated incredible demand. Company to sell the business, to enable them to concentrate on the development of other The Griffin at Danbury opportunities. Mitchells & Butlers The sale package included 29 managed Earlier this year, we were also instructed by community pubs, located across the north Mitchells & Butlers to assist in the letting of of England and North Wales, together with a some existing managed pubs on their innovative non-trading development unit in Liverpool, franchise lease. Introduced approximately two which has both planning and licensing consents. years ago, the franchise lease offers sizable discounts on a range of products, with a rent The Artichoke at Croxley Green We identified Calco Midlands, who own and that’s partially based on open market value and operate a substantial portfolio of licensed partially on turnover. Since the launch of the properties, as a suitable purchaser. The franchise lease, many lettings had been transaction was successfully completed in negotiated in-house with around 70 successfully August 2007. operating around the country. Christie + Co was asked to get involved for two reasons; firstly to

2 Aprirose takes nine Revolutions

by Jon Patrick, Director

help in finding further prospective franchisees Marston’s Pub Company and secondly to assist in raising the public The lettings project we recently undertook for profile of the Mitchells & Butlers franchise Marston’s Pub Company is now largely complete. lease opportunity. The 15 sites we were instructed to offer included part of the former Eldridge Pope estate and the The launch of our marketing campaign, which majority of deals have now concluded, with all promoted the availability of 17 pubs as new M&B achieving the quoted premiums and rents. At the Christie + Co recently acquired nine freehold franchise lease opportunities, coincided with the time of going to press, only two sites remain and Revolution vodka bars on behalf of the specialist Easter holiday. The brochure we prepared not we have been instructed to add further pubs to property investor Aprirose, in a deal worth in only outlined the businesses on offer but also the letting programme. excess of £17 million. gave an insight into the franchise lease and its undoubted benefits, complete with testimonials Inventive Leisure, which operates the 50-strong from existing franchisees. The pubs were widely Revolution brand, signed 25-year leases on the spread around the UK and were all managed properties, on an initial yield of about 6%. With houses with an established trade, some having the completion of this deal, the Inventive been former branded operations. This meant property portfolio will become 100% leasehold. interest was received from a wide range of buyers, including a number of multiple operators, Aprirose is a low-profile investor in UK property, who could see the benefit of trading such high with a £300m portfolio that includes a clutch of profile sites, which rarely come to the market. assets in the leisure market, comprising hotels, The Devil’s Punchbowl in Hindhead pubs and restaurants. At the time of going to press the majority of properties we were originally instructed to offer Having witnessed the success of the Punch The nine Revolution properties are located in: have been let, with only two still available. Taverns project and other recent Christie + Co Huddersfield, Lancaster, Leicester, Lincoln, However, due to the success of the original letting assignments, many other pub companies Liverpool, Newcastle-under-Lyme and campaign, we have received further letting and brewers have chosen to let public houses Wolverhampton, plus two in Manchester. instructions and are currently marketing a that were formerly managed and we don’t doubt number of new opportunities. that they will continue to do so. The Inventive sale and leaseback portfolio comprised over 80,000 sq ft of good quality We can expect to see an increasing number real estate, with rental levels set at a realistic of high quality pubs available on lease, but proportion of profits. This should enable there’s fortunately no shortage of capable and Inventive to maintain investment in the units entrepreneurial lessees to rise to the challenge. in the future.

The Percy Hobbs at Winchester

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Caring owner found for former nightclub

by Colin Wellstead, Director

All change! Colin Wellstead looks back on his

The Pantiles in Bagshot was one of the South When I first joined Whitbread in 1968, lager was Looking back one of the first major corporate East’s leading nightclub venues, which operated only for the very exotic-minded and the bars projects I was involved in at Christie + Co was successfully for almost 40 years in the same were filled with draught bitter, which was often the sell-off of the “rump” of the Berni Inn estate, ownership until it finally closed its doors earlier served straight from the barrel. Bottled beers following its acquisition by Whitbread in 1990. this year. were pint-sized, compared to today’s “stubby” The Berni Inn steakhouse had been around since and they were filled with either Light or Brown the 1950s and the sale of the iconic Berni Inn Christie + Co’s association with the Pantiles Ale, or even Mackeson (milk stout). brand came at a time when the UK’s casual began some eight years ago, when the directors diners had started becoming more discerning. first considered retiring. A decision was finally The food in those early days was also a far made to sell the business just over a year ago cry from today’s gastronomic pub dining Another key project, which immediately springs and we were instructed to find a suitable buyer. experience. The menu consisted of a dusty to mind, was the acquisition of a greenfield site With all the changes that have taken place in the pie or a curled sandwich, which had been for Derek Mapp, the founder of Tom Cobleigh. late night market, we considered it worthwhile to made many hours before and was proudly This, which I acquired in 1992, became one of seek an alternative use for the 1.65 acre site, displayed in a glass dome complete with the first of a new breed of modern purpose-built whilst also looking for a night club/bar operator. the odd fly – dead or alive! family pubs, which provided drinks, food and children’s entertainment. Our marketing campaign generated considerable How times have changed! We’ve had years interest and prompted offers from a range of of exciting merger and acquisition activity, I have also been fortunate to work with some potential buyers within the healthcare, with groups of pubs changing hands and pub very interesting characters over the years. In residential, retail and hospitality sectors. companies offering an increasing range of 1995, we started working with Guy Hands of products to appeal to an ever-widening customer Nomura, whose bright young team included a A deal was agreed with Sunrise Senior Living for base. The changes in food offerings have been 27-year-old Giles Thorley. We initially worked on a figure significantly in excess of the £4 million amazing, with lots of pubs now serving a the Nomura Principal Finance Group’s acquisition asking price. Having submitted a planning fantastic variety of high quality dishes. of Phoenix Inns, followed by Spring Inns, application in March 2007, Sunrise secured Inntrepreneur, InnPartnership and Voyager. We consent in July 2007 to enable the development When I first joined Christie + Co nearly 25 also worked with them on their exit from the of 78 assisted living units for the elderly. The years ago, leases were unheard of and I was market, with the sale of the Unique Pub Group redevelopment commenced in November 2007. selling freehold pubs in the Yorkshire Dales for and the Voyager Pub Group to a consortium that about £100,000! Now it’s more common to sell included Enterprise Inns in March 2002. I have been involved with the site for the last freehold pubs over the £1 million mark and eight years and I am delighted that we achieved licensees are happy to pay £100,000 or more such a successful outcome. I wish the directors for a quality lease. the same long and enjoyable retirement that I hope to enjoy myself!

4 Gourmet Holdings exits via the Highwayman

by Simon Chaplin, Director

40 years in the industry

As well as working with some of the individual rising stars, I have also watched the growth of some of the industry’s biggest company names. Christie + Co worked as valuers for JD Wetherspoon in the mid to late ‘90s when the company was in its initial development stage. At that time, we valued many former high street banks and post offices, which Wetherspoon had recently converted. I believe this concept has Co 25 really stood the test of time, unlike many others. + y Gourmet Holdings recently exited from the ie e t a pub sector with the sale of the Highwayman s i r Most recently, we worked with Punch Taverns r s freehouse in Checkendon

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on the acquisition of Pubmaster and the Spirit C

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Group, which resulted in the subsequent letting t Christie + Co acted on behalf of Gourmet

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of 637 pubs in a 15-month period. w Holdings in the sale of the country pub and

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There have been many other highlights during e alongside the main A4074 Wallingford to

C 2 my 40 years in the industry, which are too o Reading road near the South Oxfordshire numerous to mention, together with the odd border. The property was acquired by low spot here and there! I have been very experienced operator Ken O’Shea, who runs privileged to work with a significant number another successful pub business in Hampshire. of clients over many years, as a member the days of the best team in the industry! e Having sold the Bel & The Dragon Group for er more than £8 million to Ultimate Leisure in w • e the summer, Gourmet Holdings has now s

o disposed of all its pub businesses in order

t to focus on developing the French brasserie

Colin Wellstead

concept — Richoux.

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1968 r

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GI VE I T SO ME W ELLIE

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Market Intelligence by James Shorthouse, Director The Albion House Tavern in St Peter Port, Guernsey Island hoppers by James Shorthouse, Director Challenging times

CI Traders, the Channel Islands-based The pub industry has faced a number of external There was some good news for those selling land conglomerate, which includes pub, bar and challenges over the last few months, some of for development – the Government’s proposals restaurant operations, was recently acquired which have affected the day-to-day operation for a Development Land Tax, which would in a £260 million transaction. of pubs, and others have affected the buying become payable when planning permission was and selling of businesses. granted, have been dropped. They are to be Duke Street Capital, the independent private replaced by a planning charge, which will be equity fund manager, and Europa Capital, the The highest profile change has, of course, been calculated as a set amount per dwelling, or per European real estate fund manager, completed the introduction of a ban on smoking in enclosed square metre of floorspace, similar to the system the acquisition through Sandpiper, a newly public spaces, which includes all pubs, bars and which is already in operation in a few areas. incorporated Jersey-based company. Christie + Co restaurants. The whole of the UK is now covered advised Sandpiper in the successful formulation of by a smoking ban and there is no doubt that it is The summer’s “credit crunch” has also had a bid for the company, by providing valuation forcing operators to target new markets including an effect on the sector. Large corporate deals advice relating to CI Traders’ hospitality businesses. families and, in many cases, introduce or expand (over £100m) have been directly affected, their food offer. with difficulties in securing large tranches of CI Traders is the Channel Islands’ largest operator debt for takeovers and refinancing. The high of consumer and leisure sector businesses and The ban will inevitably lead to the closure of profile proposed deal between M&B and comprises five business segments, namely Retail, pubs which are not able, or whose operators Robert Tchenguiz has been postponed, and there Hospitality, Wholesale, Manufacturing and are unwilling, to adapt to the new regulations. are undoubtedly other transactions which have Property. Within these business segments, the For the majority however, we believe that any been delayed until the debt markets reopen. Ann Street Group of companies operates more drop in beer volumes will be short-term and that than 65 public houses and restaurants. many businesses will benefit from the move away On an individual pub level however, our sister from the smoky, male dominated environment company Christie Finance reports that banks are with which they were previously associated. still keen to lend into the sector and that finance is still available to good quality buyers. In his recent Pre-Budget Report, Alastair Darling announced proposed changes to the Capital Gains Tax system, which will lead to an 80% increase in the tax paid by the vendors of a business. A number of organisations are applying pressure on the Chancellor to persuade The Deerhound Inn on Guernsey him to change this proposal but, if the changes are implemented, then the retirement plans of Our Valuation Services team did some many pub and bar owners will be impacted considerable island hopping in the preparation after April 2008. of the valuation report, visiting businesses in Jersey, Guernsey and Alderney.

6 Wishing for high street sales by Neil Morgan, Director

Three Wishes has recently put five high street pub and bar businesses on the market. The properties, which are offered for sale on an individual basis or as a group, are all located in London and the South East.

The portfolio comprises: The Misty Moon bars in Barnet, Bethnal Green and Harlesdon, the Wernham Hoggs in Slough and the Windmill in Sydenham.

Currently operated as managed houses, the properties are offered to the lease market on a free-of-tie basis with remaining lease terms ranging from 10 to 27 years. Although the bars are predominantly wet-led operations, they offer scope to develop the dining trade and they all have ample external areas, suitable for the provision of smoking solutions.

Wernham Hoggs in Slough

The Brewery marketing brochure

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Business reviews prompt freehold disposals by Simon Chaplin, Director

Although pub companies are competing We are also currently marketing four freehold aggressively for freehold acquisition pubs in the South West of England on behalf of opportunities, they continue to review and The Heavitree Brewery. Having sold the Royal churn their estates — disposing of packages Standard at Shaldon and the Judge Jefferies in of pubs in order to focus on the development Exeter, we’re currently looking for suitable of other parts of their businesses. buyers for the Pen & Quill in Taunton, the Wonford Inn near Heavitree, the Heavitree Arms New instruction One of our most recent portfolio disposal in Newton Abbot and the Windsor Castle Inn in projects has come from the Directors of Pubfolio, Heavitree. Asking prices range from £325,000 from Adnams who have decided to rationalise a number of for the Windsor Castle, up to £650,000 for the sites that are no longer trading. We have been Pen & Quill. by Anthony Jenkins, instructed to offer 27 freehold properties to the market, for sale individually or as a group, Associate Director with asking prices ranging between £175,000 and £395,000.

The pubs are widely located across England and Wales and although many of them are likely to Christie + Co has been instructed to market recommence trading as licensed businesses under a portfolio of nine pubs in Suffolk, Essex new ownership, others are expected to attract and Norfolk on behalf of Adnams. interest from developers seeking to convert them to residential or retail use. Adnams owns a portfolio of 80 pubs in East Anglia and the company continually strives to The Pen & Quill in Taunton improve the quality of its estate, developing pubs that focus on cask beer and good food. During a recent review, nine pubs were As a result of all the merger and acquisition identified as suitable for disposal. activity that has taken place in recent years, freehold disposal instructions are becoming Adnams’ Director of Retail, Rupert Farquharson less frequent, whilst new letting campaigns explains, “Our strategy at Adnams is to develop are becoming increasingly common. Fortunately, a pub estate that reflects the underlying values the corporate pubs team has acquired of the Adnams brand. The combination of great considerable experience in both the selling beer, wine and food is something in which and letting of pubs and, through our extensive Adnams specialises. We are working closely The Castle Inn at Cross Keys, Newport network of UK offices, we’re able to respond with our tenants to develop strong, sustainable effectively to projects of all sizes. businesses best placed to serve today’s consumers. The small number of pubs we are putting on the market will be ideal for other pub operators.” STOP PRESS! STOP PRESS! STOP PRESS! STOP PRESS! STOP PRESS! STOP PRESS! STOP PRE Opportunities to acquire pubs of this quality are rare and the portfolio is likely to appeal to a large number of pub operating companies, breweries and other retailers. Enterprise Inns instruction Our initial marketing has already generated considerable interest. At the time of going to press, we received news of an exciting multiple disposal instruction from Enterprise Inns. Full details of this disposal project will be released in due course.

8 Brand new canalside pub opening by Simon Chaplin, Director

Acquisitions aid Blubeckers’ There’s always plenty of talk about pub closures in the UK press so it gives me pleasure to share some news of a brand new pub opening in a expansion by Neil Morgan, Director prime waterside location!

Christie + Co recently received an instruction Blubeckers, the pub restaurant division of The former Chef and Brewer branded Refectory from Marston’s Pub Company to find a lessee for The Restaurant Group, has recently expanded has also been in great demand. It was the Hourglass pub on Devizes Marina. Situated its estate by securing leases on the Refectory successfully let to Gusto Inns by Christie + Co on the Kennet and Avon Canal in Wiltshire, the public house in Milford, near Godalming and last year on behalf of Punch Taverns but we brand new pub development has more than 2,000 the Duke of York in Barnet. were subsequently instructed to acquire the square feet of trading space and offers great business on behalf of Blubeckers, who made views of the canal. Renowned for offering good quality food an offer that was too good to refuse! in relaxed, character-driven surroundings, As you can imagine, brand new public houses Blubeckers opened its first outlet in Shepperton Both pubs are located in affluent trading areas. available on lease, such as the Hourglass, are in 1977. The company was acquired by The The Duke of York has already undergone an incredibly rare. The two-storey property has Restaurant Group in June 2005 and has since extensive refurbishment programme and the a large lounge bar and restaurant, a first floor grown to operate over 20 pub restaurant Refectory is due to be refurbished shortly. function room, two bedroom owner’s businesses throughout the Home Counties. We continue to work with Blubeckers to accommodation and a canalside patio. identify further acquisition opportunities The Duke of York public house in Barnet is a as they roll out this high quality brand. We are delighted that Marston’s recognised the former Beefeater Restaurant, which we were benefits of offering a new lease on the property instructed to offer on behalf of Herald Inns and instructed us to find a lessee, rather than & Bars. The new lease attracted considerable choosing to operate it as a managed house. interest from a variety of potential buyers, prompting competitive bidding. It was The pub has been acquired by Chris Long, who eventually secured by Blubeckers for a is from the Melksham area and, with 25 years’ premium close to £300,000. experience in the licensed trade, is looking forward to developing the new business.

ESS!

A computer-generated illustration of the Hourglass

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Ipanema sold Market Intelligence by Noel Moffitt, Director by Neil Morgan, Director Room at the inn?

Pub operators are always looking for alternative A number of pub companies have recognised income streams, which can make a significant the potential of letting bedrooms and have built contribution to the bottom line. The addition of up portfolios of pubs offering accommodation. letting rooms can increase the operating profit Eldridge Pope, which was taken private by for a managed house and also allow pub Michael Cannon in 2004 and subsequently companies to charge more rent on a leased acquired by Marston’s in 2007, has championed pub, whilst leaving the lessee with an enhanced letting rooms. By 2005, the company had retained profit. amassed some 500 letting bedrooms in an estate of 25 pubs and coaching inns across southern After a record period of marketing, Christie + Co Pubs have provided accommodation since the England. Eldridge Pope’s “Room at the Inn” has finally assigned the leasehold interest in days of the coaching inn, which offered lodgings accommodation brand was launched in the Ipanema on Broad Street, Birmingham. The to stage coach passengers and stabling for the summer of that year, offering a central Ipanema bar and restaurant was opened a horses. Unsurprisingly, the hotel market has reservations number and online booking facility. number of years ago as a very successful salsa evolved significantly since the 1800s and, like dancing venue by Whitbread — which was then the public house industry, has undergone a major pub owner. significant change over the last 10-15 years.

At the time of its opening, Ipanema occupied The budget hotel sector is by far the industry’s a highly sought-after location within fastest growing and the UK’s three largest Birmingham’s premium bar “strip”. The whole hotel companies — Whitbread (Premier Inn), Broad Street area has since gone through a InterContinental (Express by Holiday Inn), period of consolidation with a number of bars and Travelodge — all operate within the struggling to trade successfully. budget market. The Kilkeney Inn at Andoversford We are delighted to have finally sold Ipanema Today’s business and leisure travellers are to local Birmingham operators, who are looking keen to secure competitive room rates, but Greene King and Brakspear were also ahead of forward to refurbishing and re-launching the they also tend to reject “standard” the accommodation game. Greene King acquired venue. We wish them every success and hope accommodation in favour of establishments Old English Inns in September 2001 and now the new business will generate excellent trade. that offer a bit of individuality. Many public operates more than 70 inns and hotels across houses can respond to these travellers’ demands the country. Brakspear has an estate of almost by offering affordable accommodation in letting 30 pubs offering “Room for a Night”, which rooms with a bit of character. are predominantly located in Berkshire, Buckinghamshire and Oxfordshire, in areas of high demand.

10 Nightclub sold for VIP by Anthony Jenkins, Associate Director

The Hand & Flowers in Marlow

Other pub companies/breweries, such as Charles Not all pubs can live up to Tom Kerridge’s Wells, which sold off its hotel portfolio in the exceptional standards, but many diners seek ‘90s, have chosen to re-enter the accommodation good value overnight accommodation, which market. Charles Wells acquired a portfolio of enables them to make the most of the pub dining 10 freehold pubs from Traditional Freehouses, experience and the fine selection of beverages! through Christie + Co at the beginning of 2007. Where it’s not possible to develop letting The fact that five of the pubs offer letting rooms bedrooms on the pub premises, a number of was highlighted by Charles Wells as one of the operators are purchasing neighbouring properties Christie + Co recently sold the top Peterborough prime motivators behind the acquisition, and the for conversion into guest accommodation. nightclub, Faith & Fusion, on behalf of VIP company is looking to expand accommodation Leisure. We sought offers in the region of £1.6 provision across its existing estate to stimulate million for the freehold city centre property, business development. which was acquired by Matterhorn Capital.

Improvements in the quality of pub food are Located close to the Westgate Shopping Centre also having a positive impact on the desirability and the railway and bus stations, the club is of letting rooms. A number of the top end licensed to 6.00am with the capacity to gastro pubs are now providing overnight accommodate 900 people. It had been in VIP accommodation for the benefit of their diners. Leisure ownership for five years and has been The Hand & Flowers pub restaurant in Marlow the subject of significant ongoing investment, Peacock Inn, Redmile won its first Michelin star within 10 months including the creation of the self-contained of opening and received the Christie + Co ‘Fusion’ club last year. sponsored Newcomer Award at the The Catey’s For individual purchasers, a small number of in 2007. Chef proprietor Tom Kerridge is letting rooms can generate significant profit The recent sale of this major club in a developing currently developing a neighbouring cottage for limited outlay, which is also likely to be part of the city is reassuring for the late night in order to offer his diners overnight reflected in the sale price achieved when the sector. Following on from the new licensing accommodation. property changes hands. regime and July’s smoking ban the industry was in a period of transition. However, this sale backs up the stance that acquisitive companies have made – that is it is business as usual in the club industry. We have a number of clients, both regionally and nationally, looking for suitable locations and businesses.

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Freehold prices increase as competition mounts by Neil Morgan, Director

With acquisitive pub companies knocking at The Pullman Inn & Restaurant Waterside our door, our network of 17 offices has proven to be an invaluable source of local knowledge.

bar sold We choose to employ pub sector specialists in each and every one of our offices and, by by Noel Moffitt, Director having this dedicated local presence, we’re able to familiarise ourselves with almost all the pub businesses across our areas of operation We recently acted for Marston’s in the in the UK. This means that we’re generally confidential sale of the Pitcher & Piano in aware of a freehouse owner’s plans to retire, Manchester. The business occupies a prime or exit the market. We are also familiar with We were instructed to sell the Pullman Inn location in one of Manchester’s main office the local and national pub companies’ acquisition & Restaurant on behalf of the Miles family, districts, overlooking the Bridgewater Canal. criteria and can therefore introduce the most who had owned it for 15 years. Set within the old relevant opportunities in locations we know Widmerpool Railway Station in Nottinghamshire, Marston’s decision to sell the business followed a they are targeting. the food-led freehouse business was marketed number of high profile group acquisitions, which at £1.6 million and was acquired by Steve led to a rationalisation of part of the company’s A large number of the quality freehouses we’re Frangos and Mike Holton, as the first acquisition managed estate. instructed to sell are acquired by pub companies for their newly-formed pub company — Old rather than individuals and record prices have English Taverns. The ground floor Pitcher & Piano premises has a recently been paid for some of the finest popular external seating area alongside the canal freehold assets. Some of our recent freehold The Bull Hotel, Salisbury and is conveniently close to the G-Mex Centre sales include: and the Deansgate shopping centre. The lease was successfully assigned to a local businessman.

We received an instruction to sell the Bull Hotel in Salisbury when the Hopback Brewery decided to sell the business in order to focus on expanding its wet-led tenanted estate. The substantial prime-sited business attracted considerable interest from a number of pub companies before it sold to Marston’s for £825,000.

12 The New Inn Hotel, Clapham Rose & Crown, Limpley Stoke

We sold the New Inn Hotel, in the Yorkshire The characterful Rose & Crown was discreetly Dales National Park, on behalf of Mr & Mrs Keith put on the market by Christie + Co when the Mannion who had operated the successful pub, private owner decided to emigrate to Canada Deal is sealed hotel and dining business for 19 years. The and specified a confidential sale. Enterprise Inns business was offered to the market for £1.5 acquired the canalside property off an asking million and was acquired by Enterprise Inns. price of £995,000. on former Post “The New Inn is a quality operation,” says Enterprise Inns’ Senior Acquisition & The King’s Head, Ormesby Development Manager, Richard Broadribb. Office “We were delighted to have the opportunity to buy this site and appreciate the professional by Noel Moffitt, Director approach adopted by Christie + Co throughout the transation.” A former Post Office building in Solihull has The Malt Shovel Inn, Cannington recently been acquired by JD Wetherspoon. The leasehold Bar Censsa business, which occupies a prime trading position within the town centre, was formerly operated by the Spirit We were instructed to sell the King’s Head, Group prior to its acquisition by the Tattershall near Great Yarmouth, when Tina and Dale Castle Group (TCG), as part of a portfolio of Cropley chose to retire from the licensed trade. 178 bars and nightclubs it purchased in The Norfolk pub was sold to Enterprise Inns off November 2005. an asking price of £395,000. Christie + Co acted for TCG in the sale of the The Inn on the Chase, Cashmoor attractive three-storey red brick property. The Malt Shovel was put on the market at a Following an extensive refurbishment, the site guide price of £695,000 on behalf of owner- is due to reopen in January 2008 as a Lloyds operators Tracy Twine and Malcolm Cridland. No.1 bar called the Assembly Rooms. The Somerset pub was sold to the Butcombe Brewery, who completed the deal just eight weeks after it was put on the market.

The Hunters Moon, Middlemarsh

We were instructed to sell the Inn on the Chase, near Blandford Forum in Dorset, when Peter and Nick Gregory decided to pursue other business interests. The destination food venue, which has a 50-cover restaurant, was acquired by Marston’s.

The beautifully refurbished 18th Century Hunters Moon was sold off an asking price of £895,000 on behalf of Brendan Malone. Enterprise Inns acquired the Dorset pub, which stands alongside the A352 Dorchester to Sherborne Road.

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Rock-inn rolls in!

by Anthony Jenkins, Associate Director

Venners helps to improve The Star Inn at Woodstock, Oxfordshire

Three new lease opportunities from Punch food safety Taverns proved suitably tempting for the Rock-Inn Pub Company. by Trevor Heyburn, Managing Director of Venners, a Christie Group company New leases on the Star Inn in at Woodstock in Oxfordshire, the Fish Inn in Northampton In today’s environment food safety is paramount Even after businesses have adopted what they town centre and the Squirrels in Duston, so it’s important for pub operators to question consider to be “best practice” it is still difficult Northamptonshire have all been acquired by “What is the standard?” Pub companies and their to be sure that the food operation is safe and the Bedford-based pub company through staff need to be fully aware of what is expected that pubs are operating to the required standard. Christie + Co. before they begin cooking and preparing food A Food Safety Audit will often emulate an EHO that will be consumed by the public. If a pub inspection and will: owner doesn’t know what the standards are, then he or she may never know whether or not they + Check the quality of products from suppliers are being achieved. If they get it wrong, the + Carry out an in-depth audit of food storage results are potentially disastrous and may even + Test preparation areas for harmful bacteria lead to a business being shut down. + Carry out a comprehensive audit of all food production and service areas Venners is a member of Christie Group and, in + Take an in-depth look at the cleanliness addition to our renowned stocktaking services, and COSHH needs of food premises we are also able to offer food safety audits to + Provide a detailed analysis of food safety help pub companies ensure that food safety is procedures The Fish Inn, Northampton town centre taken seriously within their individual businesses. + Provide an analysis of food safety training needs We were delighted to negotiate the sale of Good practice should be the minimum aim, + Review the current legislative position brand new leases on these three public houses and having a Venners Food Safety Audit helps and recommend corrective action to the expanding pub company, which is headed companies to: + Provide help with SFBB (Safer Food Better by the vastly experienced James Maddison and Business) Mark Manning. These three quality sites are + Comply with all new regulations + Provide help with HACCP (Hazard Analysis ideal additions to their expanding group of + Demonstrate how to make food safely of Critical Control Points) pubs within the northern home counties. + Train staff in handling food safely + Offer help and back-up at any time + Maintain and protect the business’s reputation + Provide possible liaison with local authorities + Improve profit on your behalf

Further information can be obtained from our website: www.venners.co.uk.

The Squirrels in Duston, Northamptonshire

14 Financial solutions from CCF

by Mark Stevens, Managing Director, Christie Corporate Finance

Christie Finance offers business mortgage solutions to the leisure, hospitality, care and retail sectors. The company was established in 1977 and, like Christie + Co, is a member of Christie Group. Freehold acquisitions prompt lettings by Simon Chaplin, Director

Enterprise Inns is always keen to expand its estate by picking up quality freehold businesses. The company has successfully acquired a large number of freehouses through Christie + Co in recent months and we’ve recently been instructed to offer new leases on a number of businesses. As part of the company’s re-brand in March 2007, a new corporate division — Christie Corporate Finance (CCF) — was established to offer more varied funding solutions, tailored to the needs of corporate clients. The Hop Leaf in Basingstoke town centre Our finance specialists have extensive experience The pubs we’re currently marketing on Enterprise in the provision of corporate finance. They work Inns’ behalf include the Compasses Inn near closely with their colleagues at Christie + Co, Fordingbridge in Hampshire; the Swan Inn at across all six trading sectors, to provide a range Stoford, which sits on the River Wylye near of innovative funding solutions to meet the Salisbury; the newly-refurbished Hop Leaf in specific requirements of our major clients. Compasses Inn near Fordingbridge in Hampshire Basingstoke town centre; and the Mortimer Arms near Romsey. In addition to providing senior debt options, CCF Enterprise Inns has one of the industry’s largest has developed an excellent reputation with all of leased and tenanted estates, with more than the major banks and key investors, enabling its 7,000 pubs across England and Wales. The intermediaries to advise on more complex equity strength of the lease market and the enthusiasm and mezzanine funding options. of potential lessees enable Enterprise to make freehold acquisitions with confidence — knowing For more information about the services we offer, that the pubs they add to their estate will be let please contact me on 020 7227 0768 or e-mail successfully. me: [email protected]

The Mortimer Arms near Romsey

The Swan Inn at Stoford

15 AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY www.christiecorporate.com

Meet our Corporate Pubs team

Neil Morgan has been involved in the property market since 1982 and joined Christie + Co in 1994. After five years running the Winchester Office, Neil moved to London in April 2004 to concentrate on expanding our corporate client base. Neil worked alongside Colin Wellstead on the Punch Taverns letting project and he has been instrumental in the development of Christie + Co’s expanding corporate lettings business, as well as overseeing some significant disposal instructions. Following Colin Wellstead’s decision to retire, he was appointed as Christie + Co’s new Head of Pubs in September 2007. [email protected]

James Shorthouse qualified as a Chartered Surveyor in 1991, which was also the year in which he joined Christie + Co. A Director of Christie + Co, James is the Head of Valuation and Advisory Services with responsibility for both the pub and restaurant sectors. His team specialises in the valuation of portfolios and high value single assets. [email protected]

Darren Bond is a qualified Chartered Surveyor and a Director Simon Chaplin is responsible for Corporate Pubs in Christie + Co’s of Valuation Services at Christie + Co. He joined Christie + Co’s Southern areas. He has more than 20 years’ experience in the Birmingham office as a valuer in 2001 and worked as Valuation public houses sector and, having worked in various Christie + Co Services Manager and Location Manager of the Leeds Office offices over the years, was made a Director of the company before making the move to London in 2007 to take up the position of in 2005. [email protected] Head of Valuation Services. [email protected] Anthony Jenkins is responsible for managing relationships with Norman Cockburn has been involved with the valuation of Christie + Co’s corporate clients in the Midlands and East restaurants and licensed properties since he qualified as a Anglia. He has more than 20 years’ experience in the licensed Chartered Surveyor in 1972. He joined Christie + Co in 1987 property sector and was made an Associate Director of and was appointed a Director in June 1994. Norman is Christie + Co in 2006. [email protected] considered to be the most experienced Chartered Surveyor specialising in the leisure industry in Scotland. [email protected] Jon Patrick joined Christie + Co in 1984 and has extensive experience of the sale and valuation of leisure businesses, Noel Moffitt is a Chartered Surveyor, who has been involved together with the development of leisure and hospitality with public house valuations and transactions since 1996. He property involving both solus and mixed-use schemes. is a Director of Christie + Co with responsibility for Corporate A Director of Christie + Co, Jon was instrumental in the development Pubs in the Northern area. [email protected] of our corporate pubs business in the early 1990s and established our leisure and development business in 1995. [email protected] Brian Sheldon joined Christie + Co in September 1991, having previously gained considerable experience in both the property Peter Taylor qualified as a Chartered Surveyor in 1975 and has and banking sectors. He has been based at the Glasgow Office specialised in licensed property since 1977. He originally joined for approximately 16 years, concentrating primarily on projects Christie + Co in 1996, based in Milton Keynes. He now works within the licensed sectors. Brian was made a Director of Christie + Co in in London and was appointed a Director in 2004. Peter is also 2002 and was recently appointed Agency Director for Scotland. Working a member of the Chartered Institute of Arbitrators. He is on the RICS’s Panel across our offices in Edinburgh and Glasgow, Brian oversees the Agency of Arbitrators and Panel of Independent Experts and is appointed in these activity throughout all sectors. [email protected] capacities to resolve rent review disputes. [email protected]