Failed Seafood Pub Company's popular gastropubs up for sale
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The Barrowford-based company, which has won multiple national awards and a legion of satisfied customers over the years, operated some of Lancashire and Yorkshire's best known gastropubs.
These included East Lancashire destinations the Alma Inn, Laneshawbridge, the Barley Mow, Barley, the Assheton Arms, Downham, the Forest at Fence, as well as the Farmers Arms, Great Eccleston, the Oyster and Otter, Blackburn, the Fenwick in Claughton, the Derby Arms in Longridge, Harrogate's The Inn, and The Fleece in Ilkley.
The Burnley Express revealed in June that the company had been forced to go into administration. It has also been revealed that the company spent around £7m. in capital expenditure across the 10 sites.
The level of investment has been outlined by specialist property adviser Christie and Co. who have brought to market the 10 gastropubs upon instruction by joint administrators Ryan Grant and Kerry Bailey of BDO LLP.
Unfortunately, business interruption caused by the current COVID-19 pandemic forced the business to close its doors, and administrators were appointed on June 19th.
Prior to the business’ closure, Seafood Pub Company grew from its founding in 2010 to become a highly successful group of traditional destination country inns and pubs. Predominantly food-led, the sites are renowned for their quality, having previously been operated as gastropubs with a seafood focus.
However, they also exhibit diversified revenue streams through strong wet sales and a high-margin accommodation offering of 62 luxury letting rooms across seven of the properties – an incredibly lucrative market currently experiencing high growth due to the rise in staycations across the UK.
All 10 inns and pubs are in excellent condition, having recently received over £7m. in capital expenditure across the sites. This portfolio represents a unique opportunity for either an experienced operator to increase the size of its estate through the acquisition of well-established outlets, or an opportunity for a new entrant to build up a high-quality estate of critical mass in a single transaction.
Noel Moffitt, senior director of Corporate Pubs and Restaurants is handling the sale and comments, “We are delighted to have been appointed by BDO LLP to assist in the disposal of this exceptional portfolio. Initial feedback from prospective purchasers has been overwhelmingly positive, demonstrating the strength of demand for well invested managed houses across the UK.
"Despite being currently closed, these sites can be reopened immediately post completion, with significant potential for growth across food, wet and accommodation revenues. This is a fantastic opportunity for buyers of all sizes to increase their portfolios with as many of these well-positioned assets as they have the appetite for.”
Offers are invited for the portfolio either as a whole, as distinct sub-groups or for individual assets with significant interest expected.
Interest in the sites should be directed to Noel Moffitt on M: +44 (0) 7713 061 594 or [email protected]