Christie & Co bring Seafood Pub Co portfolio to market on behalf of administrators
16 September 2020Christie & Co, has brought to market 10 pubs formerly operated by Seafood Pub Company Holdings Limited, upon instruction by joint administrators Ryan Grant and Kerry Bailey of BDO LLP.
The portfolio comprises 10 award-winning managed inns and pubs located across affluent areas of England’s North West and Yorkshire that are hugely popular with both tourists and locals. Unfortunately, business interruption caused by the current COVID-19 pandemic forced the business to close its doors, and administrators were appointed on June 19th 2020.
Prior to the business’ closure, Seafood Pub Company grew from its founding in 2010 to become a highly successful group of traditional destination country inns and pubs. Predominantly food-led, the sites are renowned for their quality, having previously been operated as gastropubs with a seafood focus. However, they also exhibit diversified revenue streams through strong wet sales and a high-margin accommodation offering of 62 luxury letting rooms across seven of the properties – an incredibly lucrative market currently experiencing high growth due to the rise in staycations across the UK.
All 10 inns and pubs are in excellent condition, having recently received over £7m in capital expenditure across the sites. This portfolio represents a unique opportunity for either an experienced operator to increase the size of its estate through the acquisition of well-established outlets, or an opportunity for a new entrant to build up a high-quality estate of critical mass in a single transaction.
Noel Moffitt, Senior Director of Corporate Pubs and Restaurants is handling the sale and comments, “We are delighted to have been appointed by BDO LLP to assist in the disposal of this exceptional portfolio. Initial feedback from prospective purchasers has been overwhelmingly positive, demonstrating the strength of demand for well invested managed houses across the UK. Despite being currently closed, these sites can be reopened immediately post completion, with significant potential for growth across food, wet and accommodation revenues. This is a fantastic opportunity for buyers of all sizes to increase their portfolios with as many of these well-positioned assets as they have the appetite for.”
Offers are invited for the portfolio either as a whole, as distinct sub-groups or for individual assets with significant interest expected.