Seafood Pub Co acquires first Yorkshire site from Christie & Co
Specialist business property adviser, Christie & Co has sold The Red Lion pub near Harrogate to the Seafood Pub Company, the country inn, restaurant and pub group in a deal which sees the company purchase their first property in Yorkshire.
As part of the deal, the pub in South Stainley, North Yorkshire, is set to undergo a £1.5m development programme and will reopen under a new name in the summer. Acquired on a freehold basis, the venue will relaunch as a pub, restaurant and function space with 260 covers and modern guest bedrooms. The Seafood Pub Company, which is backed by Penta Capital, currently has ten sites across Lancashire.
The new Yorkshire site is part of a continued growth strategy that is expected to deliver further acquisitions during the next 12 months. Since its inception in 2010, the company has grown significantly and now employs more than 280 staff and has a turnover exceeding £11m.
David Cash, Business Agent in Christie & Co’s Newcastle office handled the sale and comments, “This site attracted a good level of interest for a number of reasons; mainly its location in an affluent village setting in North Yorkshire, coupled with a very large plot size and scope for the introduction of letting bedrooms. It was always our view that an established, regional multi-site operator would be the purchaser, and it is pleasing to see Seafood Pub Co expanding what is an already successful brand.
“North Yorkshire continues to be a hot spot for buyers and we saw good levels of activity in the licensed sector in the latter part of 2016, which has continued into this year with new deals being agreed in January and February.”
Seafood Pub Company Managing Director, Joycelyn Neve, said: “We’ve been looking at crossing over the border into Yorkshire for some time and, as a striking and well-located site, it was exactly the sort of property we were looking for. We are incredibly pleased to be able to take our award-winning food to Yorkshire and we’re looking forward to becoming part of the local community and to make sure we are delivering menus and service fitting of the area and its people.”