All pubs remain open. Credit: via AY

Avison Young seeking pub portfolio sale

Along with Watling Real Estate, the agent has been tasked with finding a buyer for 25 pubs across Yorkshire and the North East by administrator Interpath Advisory.

Interpath, as administrator of Milton Portfolio Op Co 3 Ltd has instructed the consultancies to source a taker for the collection of pubs, which includes 21 freeholds and four long leaseholds.

Peter Constantine, managing director of the leisure team at Avison Young, said: “This presents a rare opportunity for an operator to take on an established portfolio of strong performing pubs within a fairly tight geographic area. We anticipate strong demand for the pubs, both as one or a couple of lots and on an individual basis.”

Newcastle-based Emma Turnbull, associate director at AY, added: “With the company in administration, this will be a full open sale process. We will be gathering information in the forthcoming weeks with a view to launching a full marketing campaign in the New Year.”

The ownership vehicle, which is linked to long-established property investor Aprirose, went into administration in mid-November, with all pubs remaining open and the 260-plus staff all being retained under Interpath’s stewardship.

Aprirose had bought what was then billed as the 25-pub Wear Inns portfolio in 2018 for £22.4m, with backing from the Business Growth Fund and NVM Private Equity.

Aprirose was the vendor in the sale of Leeds’ Queens Hotel in February this year, with Pandox buying the trophy asset for £53m.

Ryan Grant, joint administrator and managing director at Interpath Advisory, said: “The joint administrators continue to trade all 25 pubs while we seek a buyer for the business and its assets.

“We look forward to working with the teams at Avison Young and Watling Real Estate to bring this high-quality portfolio to market at the optimum time to realise maximum value for creditors.”

The full list is:

  • Black Bull, East Boldon
  • Black Bull, Morpeth
  • Britannia, Houghton-Le-Spring
  • Cross Keys, Washington
  • The Crown, Wickham
  • Dirty Habit, Whitley Bay
  • Elephant, Ashington
  • Greens, Sunderland
  • Guide Post Inn, Springwell Village
  • Lambton Arms, Chester Le Street
  • Lloyds Arms, Grimsby
  • Millstone Hotel, Gosforth
  • New Inn, Wetherby
  • Old Courthouse, Barnsley
  • Ox Inn, Oxhill
  • Porter Cottage, Sheffield
  • Prior, Doxford Park
  • Priory, York
  • Red Lion, Wakefield
  • Ship & Royal, South Shields
  • Smiths Arms, Billingham
  • Sun Hotel, Shipley
  • Victoria, Whitley Bay
  • Whistle Stop, Beeston
  • White Bear, Barnsley

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