Pub sales market slowed by bank holidays

Pub property agents are blaming the bumper bank holiday weekends and a later Easter for the market stalling in April.

This comes as many licensees reaped the rewards of the good weather because of the extended weekends and later opening hours.

Fleurets national head of pubs Simon Hall explained that the company had a slower April compared to previous years.

"We don't usually see a dip in April, but it's been accentuated this year because of Easter being later," he said. "Schools in some areas have had an early two weeks off for Easter, and others had a late Easter holiday. And then there's been the bank holiday for the royal wedding.

"March did show signs of improved activity, but I would say that has been hijacked by the various holidays. It's all relative because I expect, in May, people will come back with vigour."

Availability​

Hall added that Fleurets has generally seen a small growth, but believes it is "down to the stock and availability because there aren't many new properties coming on to the market."

Sidney Phillips' managing director Robin Mence agreed with Hall, but thinks the effects of the poor residential market are still impacting on the sector.

He said: "April is not necessarily a good month, and Easter was later this year. In general, activity has picked up, as have transactions. But values aren't picking up, which is down to the banks' unwillingness to lend to the sector. Before values pick up, we'll need to see the housing market improve."

Neil Morgan, head of pubs at Christie+Co, is also putting slow recovery down to the banks, although the firm did not see April activity dip.

"We've just launched the 126 R&L Properties pubs [which fell into administration, and were run by Robert Tchenguiz], in which we've had a significant amount of interest, and the general level of interest from the high street is also looking up," he explained. "It's all down to the quality of stock available, and whether the banks start lending again."

Stephen Taylor, managing director at Guy Simmonds, also said that he hasn't seen anything out of the norm — just the usual dip in viewings during school holidays.