Property round-up

The Inn Collection Group, St Austell, Chilled Pubs expansion

18-Oct-2022 - Last updated on 19-Oct-2022 at 10:30 GMT

Building an estate: Inn Collection Group, St Austell and Chilled Pubs acquire sites

The Inn Collection Group, St Austell and Chilled Pubs have taken on new sites as venues open in London and Leeds.

Village site sold to Chilled Pubs

Christie & Co has completed on the freehold sale of the Blue Stoops in Dronfield, to Derbyshire-based pub company, Chilled Pubs.

Sold on behalf of the True North Brew Company, the village pub is compromised of an internal bar, restaurant and function space and a 140-cover beer garden, after it underwent a refurb in 2017.

The business’ average annual turnover is £929,250 and features added upstairs space.

Previous owner Kane Yeardley said she’d miss the Blue Stoops “greatly” having invested lots of time and money into the property over the years.

However, she added, the time was right to reduce the True North portfolio and sell the pub. “I wish Chilled Pubs all the best with their purchase,” she said.

Christie & Co pubs and restaurants business agent Matt Hill commented: “I’m thrilled to have completed on the Blue Stoops after running a fully open marketing process, where we had very strong interest from national and regional pub companies, off the £975,000 asking price.

“The pub is ideally positioned along Dronfield’s High Street, where trade will remain strong and was a rare opportunity to acquire a highly profitable village pub-restaurant. The successful sale is also a good sign in the market that interest remains high for quality freehold premises.”

Chilled Pubs will now operate a total of six pubs across the region.

Hotel restaurant and bar open in capital

RAILS Restaurant and Little Bar are set to open in Great Northern Hotel, King’s Cross, central London.

The Tribute Portfolio Hotel will totally rebrand and redesign the concept of the spaces which were previously called Plum + Spilt Milk and the Snug.

RAILS is an 80-cover restaurant and grill that will serve a menu of modern British cuisine with subtle French accents. This will acknowledge its proximity to the Eurostar, which is just a stone’s throw away at King’s Cross station.

Dishes on the menu include baked St Marcelin with truffle honey, varying cuts of steak and chocolate fondant.

The bar will specialise in classic French cocktails reimagined with a twist. For instance, Michel’s Sour is a mix of Michel Couvreur whiskey, lemon and red wine, while the Morning Routine is made with Grey Goose vodka, Grand Marnier and Pampelle.

Great Northern Hotel food and beverage manager Kelechi Kay said: “We’re all incredibly excited to introduce RAILS Restaurant and Little Bar to the world.

“Our proximity to King’s Cross station means we have a truly cosmopolitan and international audience, and we wanted to create something that had a unique sense of identity but also widespread appeal.

“We have focused on quality and provenance, as well as creating an accessible offering, and I’m confident it will be well received by both new and returning guests.”

Cult Wing opens Leeds’ largest tequila bar

Independent casual dining business Cult Wing has opened the largest tequila bar in Leeds, West Yorkshire, in the city’s Merrion Centre.

The venue has collaborated with local graffiti artists to create an artistic, punk-inspired space which includes more than 200 pieces of original art.

Dishes on the restaurant’s menu span from fried wings and gourmet burgers to craft beers and a range of more than 200 tequilas, which will also feature in a hardbacked ‘Tequila Bible’ to inform diners.

Charles Newman, associate director at Town Centre Securities PLC, who owns the Merrion Centre, said Cult Wing was a “really cool” new addition to the centre’s expanding restaurant scene.

He continued: “Its casual dining offer and amazing tequila bar will be a huge draw in the city. It is perfectly located on Merrion Way opposite the 13.5k capacity first direct Arena with direct access to the growing student population.

“We think it will fast become one of the trendiest places to hang out in the Leeds’ Arena Quarter.”

Cult Wing marketing manager Denitsa Sharankova said the team were “thrilled” to open the new venue. She added: “Everyone is welcome at Cult Wing which is alternative, edgy and exploding with creative energy.

“We can’t wait to introduce guests to our fresh food, beers, cocktails – and our extensive menu of almost 200 tequilas in the city’s biggest tequila bar.”

Inn Collection Group completes on Welsh sequel

Multiple pubs with rooms operator The Inn Collection Group has taken a second site in Wales after completing on the purchase of the Bull in Beaumaris on the Isle of Anglesey.

The pubco has also bought the adjoining Townhouse hotel in the seaside village of Beaumaris for an undisclosed sum, as it expands its pubs with rooms presence in north Wales.

The Inn Collection Group managing director Sean Donkin said: “We’ve fallen in love with the area and are absolutely delighted to be welcoming the Bull in Beaumaris into The Inn Collection Group family as we look to expand further across north Wales with its striking scenery, heritage and culture.

“Extraordinary locations are what sets our pubs aside and the Bull in Beaumaris and this fascinating area have this unequivocally.”

He added: “The Bull is a gem of an inn with a unique atmosphere and history. It’s had the same owners for over 35 years and their dedication towards the property and attention to detail is clear to see. We look forward to continuing their commitment to the inn and its great team of people in the next phase of its history.

“Our people are central to the Inn Collection Group and we are passionate about championing hospitality as a career. We look forward to working with the team at the Bull and providing exciting career prospects and people development opportunities as well as being a fun and dynamic company to work with.”

Traditional pub sold to locals

Business property adviser Christie & Co has completed the sale of the Cottage Inn, Hunmanby, North Yorkshire, to experienced local publicans Darren and Lisa Forsyth.

The pub has been run as a wet-led managed house but offers potential to introduce food services in the future.

The new owners originate from Wakefield and manage a portfolio of hospitality businesses across Yorkshire, including the local Filey Sports Bar & Lounge and several pubs in Wakefield.

Christie & Co business agent for hospitality Sam Ashton handled the sale. He said: “It was a pleasure to sell the Cottage Inn on behalf of the vendor, Paul Cowley.

“Paul had liaised with two other agents when he was looking at putting the business on the market and we were able to achieve well above their guide prices.
“Given Hunmanby’s thriving coastal village and stable annual tourism, the pub has tremendous potential, and we look forward to seeing Darren and Lisa take it forward.

Funding for the purchase was secured through Stephen McConalogue, associate director at Christie & Co’s sister company Christie Finance.

McConalogue commented: “The pub sector is always a challenging sector and having an experienced broker who can understand the structure of the deal is pivotal when gaining the funding required, which was demonstrated through this deal.

“I wish Darren and Lisa all the best for the future, and I am sure they will make the Cottage Inn a great success.”

St Austell acquires 3rd site in recent months

St Austell Brewery has acquired its third site in recent months – the Blue Ball Inn, Lynmouth, Devon, bringing its portfolio to a total of 178 pubs, inns and hotels across the West Country.

The south west brewery and pubco has also recently added the Wellington in Boscastle, Cornwall and the Beaver Inn in Appledore, Devon to its estate.

St Austell Brewery chief executive Kevin Georgel said: “We are pleased to announce the Blue Ball inn, Lynmouth has joined our managed pub estate. This latest acquisition continues to drive forward our plan to strengthen and grow our pub estate in Cornwall, and across the wider south west, in the years to come.”

The Blue Ball inn is a traditional coaching inn dating back to the 13^th century. Located 900ft above sea level in the hamlet of Countisbury, it’s a dog-friendly destination with overnight accommodation.

Like so many industries, he said, hospitality was facing significant headwinds at the moment, with rising inflationary pressures like the cost of energy causing real challenges for the company.

Georgel continued: “As we continue to navigate these obstacles, it’s vital that the government continue to listen and invest in the recovery of our sector.

“That being said we are a business with a clear vision for the future and, while we may face short-term challenges, our long-term strategy has not changed.”