Wetherspoons to sell 32 pubs as costs rise
Thu, 29 Sep 2022 | COMMERCIAL PROPERTY
Pub chain JD Wetherspoon has announced that it will sell 32 of its locations, as the pub sector is hit by rising energy, labour and food costs, as well as a lack of staff. The pubs being put up for sale are located across England, with more than half in the South East, including ten in London.
The sites comprise a mix of 10 freehold and 22 leasehold sites, with many located in key city centre locations. The properties are available individually, in small packages or as a whole portfolio. The sale process is being handled by commercial property agents CBRE and Savills.
JD Wetherspoon has described the sale as a “commercial decision” and comes after it raised drink prices earlier this year to fund increasing costs and warned that it could see a loss of £30 million due to rising wages and the cost of repairs.
The chain, which operates more than 800 sites across the UK and Ireland, is a major presence in the UK pub sector, an industry that is especially vulnerable to the rising costs of energy, food and labour. Despite the government’s recently announced energy price cap for businesses, many pub operators have been impacted by significant increases in energy costs over recent months.
Commenting on the sale, JD Wetherspoon spokesman Eddie Gershon said: "On occasion, Wetherspoon does put some of its pubs up for sale. This is a commercial decision. We understand that customers and staff will be disappointed with it. The pubs will continue to operate as Wetherspoon outlets until they are sold."
CBRE Senior Director Toby Hall added: "The excellent mix of locations in this portfolio is rarely seen in the market. With more than half of the portfolio located in London and the South East and other strong locations in the South West, Midlands and North we believe the pubs represent an excellent opportunity for existing pub operators and new entrants".
The pubs up for sale are:
Barnsley - Silkstone Inn
Beaconsfield - Hope & Champion
Bexleyheath - Wrong 'Un
Bournemouth - Christopher Creeke
Cheltenham - Bank House
Durham - Water House
Halifax - Percy Shaw
Hanham - Jolly Sailor
Harrow - Moon on the Hill
Hove - Cliftonville Inn
London Battersea - Asparagus
London East Ham - Miller's Well
London Eltham - Bankers Draft
London Forest Gate - Hudson Bay
London Forest Hill - Capitol
London Hornsey - Toll Gate
London Holborn - Penderel's Oak
London Islington - Angel
London Palmers Green - Alfred Herring
Loughborough - Moon & Bell
Loughton - Last Post
Mansfield - Widow Frost
Middlesborough - Resolution
Purley - Foxley Hatch
Redditch - Rising Sun
Sevenoaks - Sennockian Southampton - Admiral Sir Lucius Curtis
Stafford - Butler's Bell
Watford - Colombia Press
West Bromwich - Billiard Hall
Willenhall - Malthouse
Wirral - John Masefield
Find out more about investing in the UK pub sector.
One of the best ways to find properties below market price is to look at recent administrations.
Find businesses for sale here.
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