Partner Article

Property deal restores spirit of local bars

Five well-known premises of a liquidated North East pub chain have been sold or leased for more than £1.4m, making the group of transactions the largest licensed property deal in the region this year.

Failed chain Centro Pubs, which had bars in Durham, Sunderland, Newcastle, Tynemouth and Morpeth, has been snapped up by regional entrepreneurs.

As well as being the largest licensed deal of the year, the fact that the new owners plan to maintain the premises as going concerns bucks the national trend of licensed premises closing down because of tough trading conditions.

Adrian Mattock, licensed & leisure director at Sanderson Weatherall, who brokered the deal, said: “To have contracts signed for five businesses in this period is practically unheard of in good market conditions, let alone when the economy is contracting. The group of deals - which is the largest in the region this year - show is there are still buyers in the market for the right property at the right price.”

The properties that have been sold are Shooters in Morpeth, Reform Place and Shamrox in Durham, Sammy Jacks in Tynemouth and Shamrox in Newcastle. Mr Mattock said: “Publicans have a raw deal at the moment, but well-run locals or town centre bars will always be in demand by the public - they are part of the British way of life and that isn’t about to change anytime soon. We fully expect to be helping successful landlords and pub companies take over new premises for many years to come.”

Reform Place in Durham was sold to Tony Brookes, owner of the successful Head of Steam chain, which holds regular live music events at venues in Newcastle, Huddersfield, Liverpool and London.

This was posted in Bdaily's Members' News section by Ruth Mitchell .