Only three pubs sell in auction

Just three out of eight pubs were sold at an auction in London last week, with the organiser saying this is one of the most challenging markets he can remember.

The freeholds of four pubs failed to sell on the day at the King Sturge auction, while two pubs sold beforehand, and one sold to a phone bidder. One lot was withdrawn.

The three pubs that sold were owned by Marston's Pub Company.

The Lord Raglan pub in Radcliffe, Manchester, a semi-detached pub with a first-floor flat, was the only lot sold on the day; it went for the asking price of £110,000.

The Monkey House, in Wolverhampton, and the Welland in Spalding, Lincolnshire, sold beforehand, though the prices were not disclosed.

Jason Birch, partner at King Sturge, said: "We were a little disappointed with the pub sales, but confident that we will have a much better result over the next week. The team has sold dozens of vacant pubs after auction in the past, and we know it works.

"But I also know that this is one of the most challenging markets that I can remember."

The lots that failed to reach the reserve price on the day were: the Crown Hotel, Wigan, Lancashire (guide price £125,000); the Ploughshare, King's Lynn, Norfolk (guide price £275,000); the Woodshutts Inn, Kidsgrove, Stoke-on-Trent (£225,000); the Spinners Arms, Eccles, Manchester (£125,000).

The pub that was withdrawn was the Smugglers Inn in Totnes, Devon, which was listed with a guide price of £495,000.