JD Wetherspoon seeks buyer for seven sites
Tue, 20 Jul 2021 | COMMERCIAL PROPERTY
Pub group JD Wetherspoon is seeking a buyer for seven of its locations, as the UK pub sector’s dealmaking surge continues. The seven sites, which are all either freehold or long leasehold, are available individually, in small packages or all together as a full portfolio. All the pubs in question are located in town centres in England or Wales.
CBRE and Savills have been appointed to lead the sales process for the sites, for which asking prices have not been disclosed. The sites up for auction are: The Bell Hotel in Aylesbury; Chapel an Gansblydhen in Bodmin; The Robert Peel in Bury; The Drum in Leyton; The Sir Daniel Arms in Swindon; The Postal Order in Worcester; and The North & South Wales Bank in Wrexham.
The company has said that fixtures and fittings at the sites, barring leased and branded items, are available for inclusion in the sale. JD Wetherspoon added that all staff would be transferred in the sale, as per TUPE regulations. The latest auction comes with two other JD Wetherspoon sites, Sir Isaac Pitman in Trowbridge and Coatbridge's The Vulcan, already under offer.
A spokesperson, commenting on behalf of joint agents CBRE and Savills, said: "Following the success of our earlier marketing campaigns for JD Wetherspoon we are delighted to be launching these seven outlets to the market.”
"These sizeable venues are all fitted to a high standard which will make them appealing to a broad range of potential buyers."
JD Wetherspoon has recently issued a trading update in which it revealed that its net debt stood at £865 million, which it says it expects to reduce to around £833 million by the end of the current financial year.
Read more about what's behind the spate of dealmaking in the UK pub sector.
One of the best ways to find properties below market price is to look at recent administrations.
View the latest distressed UK businesses here.
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