Partner Article

Leading Leisure Firm Buys Lambton Worm

An iconic North East venue has been rescued from closure after being bought by one of the region’s leading leisure firms.

The Lambton Worm public house and restaurant at North Road, Chester-le-Street has been purchased by Tavistock Leisure Ltd, which already runs a number of bars, restaurants and hotels across Tyne and Wear, Wearside and County Durham.

The large detached venue, which occupies almost half an acre close to the main road linking Chester-le-Street and Birtley, had been closed for several months and will remain so while refurbishment work is undertaken by its new owners.

Doors are expected to re-open in early 2013 following a £500,000 overall investment, which will see the Lambton Worm transformed into a brewpub, focussing on cask ales and a restaurant serving classical British dishes with a modern twist.

Jonathan Graham, Director of Tavistock Leisure Ltd, said: “The Lambton Worm is an iconic venue in the North East and one which will undoubtedly prove a valuable addition to our growing portfolio. We expect refurbishment works to begin imminently, with doors set to reopen early in the New Year.”

The sale of the property, for an undisclosed sum, was brokered by commercial agents and licensed sector specialists Christie + Co.

Associate Director and pubs negotiator Mark Worley, who handled the transaction from the firm’s Newcastle office said: “The Lambton Worm closed down at the turn of the year due to decreasing levels of trade. Internally the pub was reasonably well presented with a lounge/restaurant area to the front and a large bar with pool and darts to the rear and there were also 14 basic but functional letting rooms on the first floor. The sellers were one of our national corporate clients and marketing brought forth a good level of interest with several offers.

“Tavistock’s intention to invest heavily in the presentation of the site and to reopen the Lambton Worm as a quality food led pub is a great example of a struggling licensed operation being purchased with a view to ongoing use and is very encouraging news for the licensed sector and pub industry”.

Tavistock Leisure Ltd currently operates a number of venues across the North East, including the Best Western Roker Hotel, Sunderland and the Best Western Grand Hotel, Hartlepool. In 2011 the firm launched its franchise-style Pub Partnership scheme, giving independent restaurateurs and publicans the chance to partner with Tavistock Leisure Ltd on a variety of venues, which currently includes four sites in South Tyneside, Newcastle and County Durham.

The purchase of the Lambton Worm represents Tavistock Leisure Ltd’s ongoing commitment to expanding its portfolio, with a further two venues expected to be added in early 2013.

For more information visit www.tavistockleisure.com

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