Pubs & Restaurants Market Insight: Scotland
Despite the macroeconomic environment, many hospitality businesses in Scotland are trading well and the buyer appetite for pubs and restaurants remains strong. Read on for the latest market insights across the region.
There’s no doubt that the UK hospitality sector has faced numerous challenges throughout 2022, from rising utility costs and staffing issues to growing pandemic-related debt. Despite the challenges, many hospitality businesses in Scotland are trading well and the buyer appetite for pubs and restaurants remains strong, particularly in Edinburgh, Aberdeen and Glasgow. Rural locations are also in demand as lifestyle buyers remain prevalent.
Location, reputation, and an outside dining area are high on all buyers wish lists. Established quality businesses in prime locations are proving to be the target for multiple regional operators and corporate buyers which is helping to drive the buoyancy in the market.
National UK brewer and pub group, Green King’s acquisition of three iconic Glasgow pubs: The Ubiquitous Chip, Hanoi Bike Shop, and Stravaigan through Christie & Co perfectly illustrates this appetite. The venues were previously run by the Clydesdale family, with The Ubiquitous Chip being the oldest of the trio. Established in 1971, and ideally positioned on Ashton Lane in Glasgow’s popular West End, the pub has since become a household name.
We advised on over 2,100 pubs and restaurants across the UK last year. Here’s a roundup of some of our recent sales and current opportunities on the market in Scotland.
Ubiquitous Chip, Hanoi Bike Shop, and Stravaigan
We supported Metropolitan Pub Company’s acquisition of three iconic restaurants in Glasgow. The venues, including The Ubiquitous Chip, the award-winning Stravaigan and The Hanoi Bike Shop were sold to the Greene King subsidiary in a highly confidential off market deal.
Purchased by the current owner in September 2020, The Sorn Inn has since undergone a complete renovation and refurbishment to create the impressive establishment it is today.
The inn benefits from local custom however, draws the majority of trade from the many surrounding towns and villages in Ayrshire as well as from Glasgow and Edinburgh. The business also benefits from the high levels of tourism that Ayrshire attracts.
Centrally located in the thriving and growing town of Auchinleck, the Boswell Arms Inn offers a great opportunity to acquire a long established bar/restaurant. Upgraded to a high standard, it allows any new owner a profitable business in walk-in condition. Popular with the local clientele, it has gained a reputation for good food and good drink in the area, attracting many from outside of the town.
A very popular live music venue within the Merchant City area of Glasgow, it will provide an excellent opportunity for an owner operator to take over this established pub/restaurant. Development of the basement area will only further enhance this business whilst the adjacent function room provides added options for any incoming operator.
Located just off the main thoroughfare of Greenock town centre and across the road from the large Tesco, Tokyo Joe's sits within a row of mixed commercial buildings.
This double fronted property has been refurbished to the highest standard with a freshly painted frontage setting the tone for the quality of fixtures and fittings in the restaurant itself.
For more market insights, read our Business Outlook 2023 Report: Finding Clarity
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