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

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Neil Morgan Becomes Christie + Co's New Head of Public Houses AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY www.christiecorporate.com 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.” www.christiecorporate.com AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY www.christiecorporate.com 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 3 AGENCY | VALUATION SERVICES | INVESTMENT | CONSULTANCY 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.
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