Milton Portfolio Op Co 3 administrators to sell 25 pubs
The set of sites in the North East and Yorkshire will hit the market in the New Year.
Avison Young has been appointed to market the licensed premised with Watling Real Estate by joint administrators Ryan Grant and Howard Smith of Interpath Advisory.
Peter Constantine, Avison Young leisure team managing director, said: “We are delighted to be able to bring this portfolio to the market. 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.”
The property company that operated Wears Inns after it was acquired in August 2018 went into administration last month.
Wear Inns was acquired by real estate business Aprirose in 2018 for £22.4m via its Milton Porfolio Holdings 3 firm while the sites were transferred into a business called Blackrose and the Wear Inns brand was liquidated in 2019.
Wears Inns was founded by pub entrepreneurs John Weir and John Sands in 2006.
Emma Turnbull, associate director at Avison Young, 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.”
Interpath Advisory joint administrator and managing director Ryan Grant said the administrators continued to trade all 25 pubs while a buyer was sought for the business and its assets.
All circa 264 members of staff have also been retained by the joint administrators to help with trading.
He added: “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 pubs comprise 21 freeholds and four long leaseholds.
The full list of pubs involved includes:
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
