Scottish pub sales hint at recovery

The market for pubs in Scotland may be improving, according to one property agent which deals in the region.

Ryden, which has offices across Scotland and is headquartered in Edinburgh, has recently sold five pubs on behalf of Punch Taverns and has another batch of sites to get away, with some already under offer.

This, combined with growing interest in other sites, suggested the market was becoming more active, said Andy Macpherson, Ryden's licensed trade consultant.

Interest in the properties has been high, said Macpherson, with some being retained as pubs, while others are converted into alternative retail use.

The Punch pubs sold tended to be either currently closed or under temporary management agreements, with prices achieved close to asking prices, according to the agent.

"In general the investors we're seeing are well-funded and cash-rich with little need to go to the banks," Macpherson said, although he acknowledged those able to get bank funding could avail themselves of currently rock-bottom interest rates.

Ryden had seen "a marked increase" in interest for the properties it had put on the market, he added.

Punch were just one of a number of companies looking to sell what Macpherson described as "bottom end" properties.

"Scottish & Newcastle, Belhaven and Trust Inns have all got a few they want to dispose of," he said, and interest levels were positive.