Publican awards finalists buy out leases

Two Publican award finalists have bought the freeholds of the pubs they had been leasing from Punch Taverns and Enterprise Inns.

Publican Food & Drink Awards Chef of the Year 2008 winners Ashley and Kelly McCarthy of the Ye Old Sun Inn in Colton, Yorkshire, and Publican Awards Tenanted/Leasehold Pub of the Year 2009 finalist Helen Wood, licensee at the Broad Leys Bar and Restaurant in Aylesbury have both just agreed deals for undisclosed sums.

Kelly, who has leased the Enterprise pub with husband Ashley since 2004, said they had approached the pubco about buying the pub after another freehold came onto the market.

"We had to make a decision whether to move on. Our accountant approached Enterprise and at first they said the pub was not for sale," she said.

After appointing property agent Fleurets to value the pub and put in further offers on their behalf, Enterprise came back to them with a take-it-or-leave-it purchase price.

"Not in a million years did we expect to be able to buy it, but it pays to ask," said Kelly. "As a leasehold, we had capped our spending on the building because we knew we wouldn't get that money back but we now have big plans for possible further letting rooms, or a cookery school."

Wood had owned the leasehold of Punch Taverns pub the Broad Leys Bar and Restaurant since 2002. She said that securing finance to buy the pub was a challenge.

"With the business doing so well, the opportunity to acquire the freehold was a chance not to be missed, despite the recession," she said. "It took a lot of time and a lot of persuading to secure the finance, despite this being an outstandingly successful business, but I was determined that this was the right thing to do. I now look forward to developing the business further under my own terms."

Punch leaseholders Joanne and Jonathan Tindall have also just agreed a deal to purchase the freehold of their pub, the Chequers Inn in Froggatt, Derbyshire.

The couple have owned the leasehold of the pub, which was once owned by Sheffield-based-brewery Ward's, for seven years.

They have now re-instated local beers including Ward's Best Bitter, now brewed by Robinsons.