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NEW PUB OFFERING LAUNCHED BY KING STURGE

Property consultants King Sturge have set up a new pub practice for the South West to reflect the sweeping changes affecting the licensing trade.

For the first time the firm, which has its South West offices in Exeter, Plymouth, Bristol and Bath and Plymouth, will be acting for private clients in the disposal of pubs. To date it has acted primarily for corporate groups in acquisitions.

Associate Mike Easton, who joined King Sturge from Christie & Co. last year, will run the operation alongside leisure partner John Kinsey.
 
“We have, against the backdrop of the credit crunch and continuing recession, sold a considerable number of pubs and this is an area we are looking to grow through private clients,” says John Kinsey.

“Through the new private agency practice we will offer a bespoke marketing approach for both freehold and leasehold clients. Our work to date has put us in contact with a considerable number of applicants wanting to get into the trade. They are well funded and, we anticipate, there will be more to follow as lending criteria from the major lenders changes to reflect fresh demand.

“We are unique in the sector due to the aspects of work we are able to undertake for clients, along with agency sales we have in house professionals able to give advice on valuations for lending or investment purposes and a building department who work on schedule of repairs for leasehold properties and advise on planning works and major projects.”

Recent pub deals completed by King Sturge include:

• the Chiverton Arms at Blackwater, near Truro, sold for £395,000 plus VAT to a local leisure operator
• the Stoke Canon Inn, at Stoke Canon near Exeter, sold to a local buyer for £275,000 plus VAT
• the Red Jackets in Camborne, sold to a local couple to re-open as a pub for £175,000 plus VAT

Mike Easton said the licensed trade had been through a tumultuous period in recent years.

He said: “The change in licensing hours had a serious impact on late night leisure operators in the towns and cities, the smoking ban meant that the vast majority of pubs had to chase the food market to make a living, and finally there is the continuing low price offers for alcohol from the supermarkets.

“All this, coupled with extraordinary rises in alcohol duties and a deep and continuing recession, has led to incredible change within the industry. It is fair to say that the drinking culture in the UK has changed forever and that the communities in which we all live can no longer support the number of pubs we currently have.

“What we need are fewer, but better pubs with a clear identity of their target audience - be that community, sports, clear food offerings, entertainment or the High Street circuit.”

“What has been most noteworthy is that there is a growing number of applicants looking for a new business opportunity in the licensed trade. They have clear ideas on how to make a pub work and are keen to find venues to suit.”

Ends 16th April 2010

For further information contact Neil Fraser on 01275 349 011 or neil@sturgessvandamme.co.uk