Specialist business property adviser Christie & Co has completed on the sale of a portfolio of 18 pubs on behalf of Wadworth to national pub company Red Oak Taverns. The assets located across the south and south-west of England will strengthen the Red Oak Taverns' presence in the area, bringing its estate to 179 pubs across the UK. The purchase price was not disclosed.
Chris Welham, Chief Executive of Wadworth commented: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their business.”
Mark Grunnell, Co-founder of Red Oak Taverns commented: "We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe that the pubs and the licensees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the €1.1m (£1m) of investment we have planned for the acquired portfolio. Our focus has already turned to build strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities. Approaching the 8th anniversary of our formation, we are still in our infancy and planning for the long term. We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years.”
Simon Chaplin, Senior Director at Christie & Co who handled the sale, said: “This is further proof of the continuing strength in the pubs market as the sale attracted interest from numerous parties looking to acquire these assets in a popular and attractive part of the country. We were pleased to have secured a buyer in Red Oak who have a proven track record of investing in their estate and tenants.”