Colliers buoyed by leisure sales

The Manchester office of Colliers International handled more than 60 sales of licensed and leisure premises worth £10m last year.

The number of deals increased marginally on the 2010 figure but the total value rose by nearly 10% from £9.1m.

The agent said key sales were:

  • Hydes Brewery acquiring the Queen of Hearts in Fallowfield, Manchester from Mitchells & Butlers for £1.5m.
  • HS Land buying the Becconsall Hotel public house at Hesketh Bank, Preston, for residential development off an asking price of £1.2m.
  • The sale for an undisclosed sum of the former Yorgios Mediterranean restaurant in Parsonage Gardens, Manchester, which subsequently became BlaBla Jazz Club.
  • Robinski's bar in Fallowfield being sold off an asking price of £600,000 to a restaurant operator.

Colliers director Colin Siebert said: "We achieved an increase in the number and value of deals in 2011 compared to 2010 despite the testing market conditions affecting the licensed and leisure sector as much as the wider economy.

"Although a significant number of public houses were sold for alternative uses, an equally substantial total continued trading as licensed premises under their new owners.

"It remains a very difficult market and that's unlikely to change throughout 2012 but a combination of keen pricing and buyers and sellers knowing the market still allows quality deals to be done.

"There has been an encouraging number of enquiries since the start of 2012. We have obtained acceptable offers in respect of three pubs that we're marketing and interested parties want to view other pubs on our books."

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Not had much effect on their share price though! Pre-pack here we come!!

By cecil

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