A portfolio of 25 pubs owned by a private property company is being readied for sale by administrators.
Milton Portfolio Op Co 3, run by Mansukhlal Gosar Gudka and Manish Mansukhlal Gudka, went into administration last week.
The portfolio of 25 pubs across the North East and Yorkshire will hit the market in the New Year. Joint administrators Ryan Grant and Howard Smith of Interpath Advisory have appointed Avison Young and Watling Real Estate to market the licensed premises.
The joint administrator is continuing to trade all of the sites, which include 21 freeholds and four long leaseholds.
Accounts for the year to 2 April 2022 detail how the previously profitable company had become loss-making due to the pandemic lockdowns, leading it to take out government-backed loan facilities. Bank loans at 2 April 2022 stood at £2.9m and it owed a total of £6m to creditors. The net book value for its assets was £2.8m.
Peter Constantine, managing director of the Leisure team at Avison Young, said: “This presents a rare opportunity for an operator to take on an established portfolio of strong-performing pubs within a fairly tight geographic area. We anticipate strong demand for the pubs, both as one or a couple of lots and on an individual basis.”
Emma Turnbull, associate director at Avison Young, added: “With the company in administration, this will be a full open sale process. We will be gathering information in the forthcoming weeks with a view to launching a full marketing campaign in the new year.”
The full list of pubs
- Black Bull, East Boldon
- Black Bull, Morpeth
- Britannia, Houghton-Le-Spring
- Cross Keys, Washington
- The Crown, Wickham
- Dirty Habit, Whitley Bay
- Elephant, Ashington
- Greens, Sunderland
- Guide Post Inn, Springwell Village
- Lambton Arms, Chester Le Street
- Lloyds Arms, Grimsby
- Millstone Hotel, Gosforth
- New Inn, Wetherby
- Old Courthouse, Barnsley
- Ox Inn, Oxhill
- Porter Cottage, Sheffield
- Prior, Doxford Park
- Priory, York
- Red Lion, Wakefield
- Ship & Royal, South Shields
- Smiths Arms, Billingham
- Sun Hotel, Shipley
- Victoria, Whitley Bay
- Whistle Stop, Beeston
- White Bear, Barnsley
To send feedback, e-mail julia.cahill@eg.co.uk or tweet @EGJuliaC or @EGPropertyNews
