Five former Centro pubs sold for £1.4m

Five sites formerly run by failed pub operator Centro Pubs have been sold or leased for more than £1.4m.

The company, which ran outlets in the north east, went in to liquidation last November. The sites, which have been bought by local entrepreneurs, are:

Shooters, Morpeth

Reform Place, Durham

Shamrox, Durham

Sammy Jacks, Tynemouth

Shamrox, Newcastle

The sales were brokered by property consultancy firm Sanderson Weatherall, which said it's the largest licensed property deal in the region this year.

Reform Place was sold to Tony Brookes, owner of the Head of Steam chain.

Two pubs from the original Centro portfolio are still to be sold. One, Jimmy Allens, occupies a former dungeon on Elvet Street, Durham. The other is Victoria's on Low Row, Sunderland.

Adrian Mattock, director of licensed and leisure property at Sanderson Weatherall, said the deals showed buyers could still be found.

"To have contracts signed for five businesses in this period is practically unheard of in good market conditions, let alone when the economy is contracting. The group of deals show is there are still buyers in the market for the right property at the right price."

Mattock added: "Licensees have a raw deal at the moment, but well-run locals or town centre bars will always be in demand- they are part of the British way of life and that isn't about to change anytime soon.

"We fully expect to be helping successful landlords and pub companies take over new premises for many years to come."