Avison Young and Watling Real Estate have been appointed to sell a portfolio of pubs that collapsed into administration last year.
Administrators at Interpath Advisory have appointed the pair to sell 25 pubs owned by the Milton Three Pub Group, which went into administration in November. The assets, which are spread across the North East and Yorkshire, are being offered as a portfolio or individually. No guide price has been set.
The pubs form part of the former Wear Inns portfolio, which was bought by Aprirose for around £22m in 2018.
Emma Turnbull, associate director at Avison Young, said: “This sale offers a rare opportunity for a wide range of purchasers to acquire an established, strongly performing pub group in a fairly tight geographical area and with a quality track record.
“The pubs have been well managed since our client’s appointment and have traded well over the festive period. We anticipate a strong level of demand and expect a busy marketing campaign.”
According to an administrator’s report, Milton Portfolio Op Co 3 was placed into administration after its lender, Metro Bank, became concerned about its ability to meet its debt service obligations. At the date of the administration, the bank had a total indebtedness of £14.9m through two government-backed loans provided to the operating company and a loan to the propco, to which Milton Portfolio Op Co 3 is guarantor.
Prior to the coronavirus pandemic, the pubs turned over more than £13m per annum.
The 25 pubs are:
Black Bull, East Boldon
Black Bull, Morpeth
Britannia, Houghton-le-Spring
Courthouse, Barnsley
Cross Keys, Washington (pictured)
Crown, Wickham
Elephant, Ashington
Greens, Sunderland
Guide Post Inn, Springwell Village
Lambton Arms, Chester-le-Street
Millstone Hotel, Gosforth
New Inn, Wetherby
Old Lloyds Arms, Grimsby
Ox Inn, Oxhill
Porter Cottage, Sheffield
Prior, Sunderland
Priory, York
Red Lion, Wakefield
Ship & Royal, South Shields
Smiths Arms, Billingham
Sun Hotel, Shipley
Townhouse, Whitley Bay
Victoria, Whitley Bay
Whistle Stop, Beeston
White Bear, Barnsley
Photo courtesy of ASAP PR
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