Christie + Co has announced the sale of 146 tenanted pubs to Red Oak Taverns on behalf of the liquidators handling the GRS group of companies. The acquisition brings Red Oak’s total tally of pubs to 170.
Located throughout England and Wales, the pubs were predominantly let on free-of-tie leases with the majority being freehold sites.
Christie + Co has been advising the liquidators, PwC, and Ted Kennedy’s Pebble Solutions since 2011 when the GRS Estate consisted of 463 pubs. Over the past three years Christie + Co has sold off over 300 of the assets individually, mostly for continued licensed use.
Noel Moffitt, Director at Christie + Co has been handling the disposal for the last four years. He comments: "The sale underpins the resurgence in market sentiment towards the tenanted pub sector, where buyers are seeing potential in the pubs and their tenants.”
He adds: “Having originally sold Red Oak their first package of 32 pubs in 2011, we are delighted to see their growth continue through their positive approach and investment in the estate, and congratulate them on another excellent acquisition.”
Source: Christie + Co
