City Briefs
Wellington shows drop in profit
Wellington Pub Company, the tenanted pub company owned by the Reuben brothers, which runs around 800 free-of tie pubs, has reported a drop in turnover and profit in its most recent year. The company had a turnover of £29.5m in the year to 31 March 2006 compared to £35.1m the year before. Pre-tax profit was £12.4m compared to £15.4m the year before. Dividends of £3.4m were paid during the year compared to £4.7m the year before.
Ring of Bells goes to Wykeham
Wykeham Inns, the Plymouth-based inn and restaurant company, has bought the Ring of Bells at North Bovey on Dartmoor off an asking price of £850,000. The company now operates eight high-quality pubs and restaurants in the south-west. Chief executive John Steven said the acquisition was a good one because the Ring of Bells is the only freehouse on Dartmoor. Wykeham Inns plans to add additional dining capacity and additional bedrooms to the existing five.
Local broker buys Massive freehold
A freehold investment on a pub tenanted by Massive Pub Company has sold for £1.26m in an auction held by Allsop Commercial. The Clarendon Arms, in Chandlers Cross, Rickmansworth, Hertfordshire, is tenanted on a 10-year lease by Massive on a rent of £89,042 per annum, which provided a yield of 7% for the freehold investor. Massive boss Peter Linacre said a broker living locally had bought the pub.
Taylor edges into Yorkshire pubs
West Yorkshire brewer Timothy Taylor has crossed the Lancashire border to secure its second pub in the red rose county.
It has purchased the White Swan at Fence in Pendleside, which will
re-open in the new year after a major refurbishment.
The acquisition brings Taylors' tied estate to 29 pubs and follows its recent policy of using its local knowledge to snap up individual freehouses.
The White Swan has been run for years by licensee Gerry Stott, who has decided to retire. The new tenants will be Des and Pat Traynor.
The vast majority of the company's pubs are West Yorkshire-based and currently the sole Lancashire tied outlet is the Shepherds Arms at Colne.
