London gastropub Elk in the Woods buys next site

The group, which is led by Astrid Skelly and Katy Rumm, has secured the lease of the Compass in Islington for its next gastropub opening.

The new venue  is planned to open in early June and will be named Hundred Crows Rising.

Offers in excess of £200,000 were invited for the lease, of behalf of the private owners Big Nose Promotions Ltd, owners of The Green dining pub in Clerkenwell. The Compass is held on the remainder of a free-of-tie 20 year lease from April 2009 at a passing rent of £50,000 per annum exclusive.

The purchasers have begun a refurbishment, which will see installation of bespoke furniture, hand painted art on the walls and new interior design.

The style of the offering will be based around a classic British food menu with specialist ales provided by the Old Dairy microbrewey in Kent. The owners plan to open for breakfast through to dinner.

The Compass comprises approximately 3,400sq ft and possesses a 4am alcohol, music and dance licence six days a week, close to Upper Street and Angel underground.

Chris Bickle, Associate at Davis Coffer Lyons, which acted for Big Nose productions, said: “Astrid and Katy have operated in Islington for over nine years and have an excellent knowledge of the local demographic and clearly saw a huge amount of potential in the Compass, given their success at the Elk in The Woods nearby.  As we have reported before, there is an exceptional demand for good quality free of tie sites, particularly within London’s zones 1-3 and we are keen to assist new clients if interested to sell.”