Two licensed businesses brought to the market through Christie & Co on behalf Tavistock Group
Acting on behalf of renowned North East licensed operator, Tavistock Group, specialist business property adviser, Christie & Co has brought to the market The New Plough in Burnopfield, Newcastle upon Tyne and The Lambton Worm Hotel in Chester-le-Street, County Durham.
The New Plough is a modern pub and restaurant with two open plan trading areas, comprising a 70 cover restaurant and a separate bar, which are both decorated in a rustic theme. There is also a private dining room, ideal for hosting private functions, situated on the first floor. Externally, a patio with a covered seating area to the front of the property provides views across the countryside, and the garden to the rear features three interconnected tipis, which are constructed for the summer season and licensed for 150 guests altogether. Popular for hosting private events including weddings, The Plough presents the potential to further grow the food and events side of the business.
The Lambton Worm Hotel is a boutique hotel with 14 en suite bedrooms, a lounge bar and separate restaurant area, with seating for approximately 110 covers across both trading areas. Benefitting from three income streams and a reputable food and beverage offering, The Lambton presents a unique opportunity for a new owner to take on a well established business with potential to further develop the letting accommodation.
Tavistock Group decided to sell The New Plough and The Lambton Worm in order to concentrate on their fast growing gin distillery business and brewery operation. Mark Hird, Managing Director of Tavistock Group comments, “Having decided on a shift in strategy, we are looking to reduce the number of outlets we have in the portfolio. Whilst we are disposing of good, profitable properties, it will free up valuable management time and resources for the expansion of both our distilling and brewing operations.”
David Lee, Regional Director at Christie & Co is handling the sale and comments, “The Lambton Worm Hotel and The New Plough Inn have both undergone complete refurbishment under the current ownership and benefit from a strong trading performance. It is our view that the businesses represent two excellent opportunities for a new owner to significantly increase trade and drive the businesses forward, whether purchased individually or together.”
Christie & Co is seeking an asking price of £900,000 for the freehold interest of The Lambton Worm Hotel and an asking price of £450,000 for the freehold interest of The New Plough Inn.