Property round-up
Robinsons and Punch invest seven figures in pubs, Young’s offloads 56 sites, Alternative Pubs eyes expansion
Young’s sells 56 sites to Punch for £53m
Young’s has announced it is to sell most of its tenanted pubs to Punch for £53m.
The group has agreed to sell 56 of the 63 tenanted pubs to Punch Pubs & Co and to retain the remaining seven sites for the long term.
Young’s will sell most of the Ram Pub Company’s sites for a total consideration of £53m in cash, having generated earnings before interest, taxation, depreciation and amortisation (EBITDA) of £4.7m for the year ended 31 March 2019.
The Ram Pub Company registered revenue of £3.3m, with an adjusted operating loss of £700,000, during the 52 weeks to 29 March 2021.
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Veeno heads to Reigate
According to reports by The Morning Advertiser’s sister title BigHospitality, Italian wine bar group Veeno is poised launch its eighth UK with a new opening in Reigate, Surrey, in late July.
The site will be operated as a franchised outlet, with John Spriggs joining the group as its second franchisee and will join existing locations in Bristol, Chester, Edinburgh, Leeds, Leicester, Reading and Stratford upon Avon.
“We are very excited to be part of this fantastic town which has so much to offer – Veeno will fit in seamlessly," Veeno owner Rodrigue Trouillet said.
"We felt that there was a gap in the market in Reigate for an outlet such as ours, which provides a genuine authentic Italian experience, a superb lunchtime menu and an excellent venue for weekend drinking and dining. We’re excited to give Reigate the opportunity to sample the Veeno experience.”
Robinsons pumps seven figures into Individual Inns portfolio
Following its acquisition of Individual Inns in 2019, Stockport-based brewer and pub operator Robinsons, has used the last 18 months to grow and invest in the region of £1m in the six sites purchased.
“Despite the impact of the pandemic, the £1m investment thus far is consistent to how we have invested for the long-term in our pubs,” William Robinson, managing director at Robinsons Brewery explained.
“We knew we acquired some fantastic businesses and have used the recent closure periods to good effect to further improve them and add to our customers experience.”
The Mason Arms in Strawberry Bank, and the Wheatsheaf in Brigsteer – both in Cumbria – the Spread Eagle in Sawley, Derbyshire; the Tempest, Elslack in North Yorkshire; the Fountain Inn, Linton in Cambridgeshire and Wheatley Arms, Ben Rhydding in West Yorkshire have also been joined by Cumbrian pubs the Queens Head in Troutbeck and the Queens Head in Hawkshead.
Simon Taylor, business development manager added: “With the Masons, we wanted to build on the incredible reputation of this iconic Inn. The bedrooms now have a real sense of occasion and an added luxury to further enhance your stay in this beautiful and scenic location.
“The Wheatsheaf has also benefited from a full redecoration, and a kitchen extension with new equipment, to enable the kitchen to meet the demands of the pub. This hidden gem now offers a wider range of freshly cooked food in a lovely Lakeland inn with local provenance.”
Alternative Pubs eyes expansion after £600,000 fantasy-themed pub revamp
Alternative Pubs is reopening the Hobbit pub in Southampton following a £600,000 joint investment with Star Pubs & Bars.
The refurbishment has given the pub a unique fantasy theme in keeping with its name and added one of the biggest beer gardens in the city centre. Ten new jobs have also been created.
The Hobbit now boasts a burrow-like bar with faux round windows, a moss wall, wood panelling and leather-upholstered furniture as well as a dungeon-styled live music room.
The fantasy theme continues outside with an enchanted forest veranda and an armoury-inspired games area.
Alternative Pubs co-founders Jack Andrews and Hanson Leech also operate the Shooting Star and the Black Phoenix in Southampton. The pair took the lease on the Hobbit with Star Pubs & Bars in September 2019.
“Our business model is built on leaseholds,” Andrews said. “As our money isn’t tied up in freeholds we can expand more rapidly. The risk is also diversified and shared. The pandemic has shown you can’t underestimate the value of that; we’ve really benefited from Star’s rent support.
“The refurbishment has unlocked the Hobbit’s potential and future-proofed the pub,” he added. “One-hundred and fifty of the new outdoor seats are under cover, a real asset with Covid still around. With so many music festivals and gigs cancelled in the last year, we’ll be able to cater for pent-up demand and look forward to putting on some great events.”
Historic inn reinvigorated with £1m investment
The Filly Inn has reopened following a £1m transformation by independent pub operator Punch, with experienced management partner Nick Ranhem taking the helm.
Set against a New Forest backdrop, the 16th century country pub has been restored and recently reopened.
The Filly Inn also features seven brand new en-suite rooms, that together with New Forest walks, cycling tracks and sailing on its doorstep, create a perfect location for day-trippers and staycationers alike.
“We are thrilled to be reopening this iconic pub, and it feels great to be welcoming guests back to the Filly once again,” Ranhem said. “This huge investment has truly restored the pub to its former glory, retaining its unique charm and quirky character that the community are so fond of.
“We’re looking forward to showcasing everything this great pub has to offer and creating plenty of memories with locals and visitors alike."
‘UK first’ climate positive bar to open in London
Avallen Spirits has partnered with Nàdar climate positive gin and Terroir Tapas to create what is claimed to be the UK’s first climate positive cocktail bar at the Cocktails In The City event at Bedford Gardens on 23 and 24 July.
Both Avallen and Nadar are climate positive spirits, and together with the expertise of the team at Terroir Tapas, will be creating a series of delicious cocktails that are climate positive, utilising waste and off cut ingredients.
Tim Etherington-Judge, co-founder of Avallen, said: “We’re so excited for the opening of the UK’s first climate positive bar. Nàdar and Terroir Tapas are the perfect partners to help us drive sustainable change in the industry, one delicious sip at a time.”
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