Churchill Taverns withdrawn from market

Churchill Taverns has been withdrawn from the market after offers failed to reach the vendor's expectations, M&C Report understands.

Led by entrepreneur Fred Ward, the group, which comprises a total of 22 managed houses, launched a strategic review in February after receiving several unsolicited approaches from would-be buyers.

However, it is thought that deteriorating market conditions and the credit crunch led the vendors to conclude that a sale in the current climate would not achieve a satisfactory price for the assets.

A sale would have comprised five freeholds and five free-of-tie leases, and would have also included Churchill VCT, a seven-strong group that was managed by Churchill and the assets of which were owned by Close Ventures, a division of Close Brothers.

In addition to the pulled sale, and following discussions between Close and Churchill, Close has appointed Clear Pub Company to take over the management of its seven freehold pubs.

The move will leave Churchill free to manage an estate totalling 15 pubs, as it also operates five tied leases that were kept separate to the proposed sale package.

Clear Pub Company, led by Duncan Ward, was formed last year with the purchase of 25 ex-Spirit leases from Punch Taverns.

Separately, Clear today announced that it had purchased the freehold of the Red Lyon pub, situated on the Henley Road near Maidenhead, from Mitchells & Butlers for about £1m. DCL advised on the purchase.