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15 January 2019 | Pubs

Traditional pub in Gateshead set to reopen under new local operator

Specialist business property adviser, Christie & Co has completed on the sale of The Greyhound, a local community pub in Gateshead, Tyne & Wear, to an experienced multi-site owner operator.

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The pub, which is currently closed, comprises a bar area with seating for 40 customers, a pool table and darts area, plus a lounge area with a dance floor and stage for live music performances. Historically trading well as a popular venue with locals, the wet-led pub hosted regular events and entertainment making it a hub in the town.

Situated on the busy high street, The Greyhound is in a prime location to capture passing trade, as well as making it easily accessible for patrons. The previous owners decided to sell the long-leasehold interest in order to downscale their operations and concentrate on other matters. 

The new owner is a multi-site owner operator looking to grow their estate, with The Greyhound marking their fourth pub acquisition through Christie & Co in as many years. The company, based in Tyne & Wear, plans to run the pub under management and has recruited an experienced team of staff, who used to work at the pub and have a great relationship with locals. They plan to reinstate The Greyhound as the welcoming community local it used to be. 

David Cash, Senior Business Agent at Christie & Co who handled the sale, comments, “It’s great to see that there are purchasers that see value in pubs remaining as pubs. This sale shows that experienced operators can maintain profitable licensed businesses with the right model. 

“We had good interest from a number of local people looking to take a tenancy, but our client’s preferred option was to sell their long leasehold interest, which resulted in a deal that benefitted both the vendor and the ultimate buyer.”

The Greyhound was off an asking price of £95,000.