Pub group Maclays has sold four managed houses to Scottish & Newcastle Pub Enterprises in a deal completed this month on a price based on offers over £1.49m
Alan Creevy of licensed specialists, CreevyLLH who advised Maclays, says this is more evidence of the changes within the market.
Mr Creevy says: “Our client took the strategic decision to dispose of these units. Although each pub, the Cross Keys at Alva, the Bridge Inn at Tillicoultry, Thistle Bar in Alloa and Mickey Coyles in Dundee, are excellent businesses, but no longer fit the benchmark turnover and profitability requirment which Maclays have raised in line with their expansion policy.
“They are the first properties to be sold by Maclays for many years as typically they are net purchasers. Indeed Maclays will continue to expand throughout 2007 with further acquisitions including a number already in the pipeline . However their preference is for larger units with sales in excess of £500K pa net of VAT or capable of achieving such. Maclays have £10m of funding in place for acquisitions in 2007 and are therefore heading into a year of high activity”
Mr Creevy says that there was a significant level of interest in the portfolio either in its entirety or as individual lots although the portfolio was marketed to targeted operators rather than the market as a whole . “ S&NPE intend converting these managed houses to Lease which is understandable following S&N’s recent acquisition of the Enterprise Inns Estate in Scotland and we have no doubt there will be plenty of potential tenants given the quality of the units ."