Flurry of interest in ex-Globe pubs

The agent responsible for selling 43 former Globe Pub Company sites says it has seen a "fantastic response" from buyers, with around a quarter under offer.

Since the package was placed on the market last month, agent Fleurets has confirmed as many as 25 per cent of the properties are now either under offer or at the "best and final offers" stage and set to move to being under offer within a week.

"We've had a fantastic response," said Simon Hall, director of Fleurets.

"You always get an initial 10-15 per cent interest in quickly [from potential buyers]. But 25 per cent is pretty impressive and they are at or over the asking price."

The pubs, which are all freehold and located mainly in the north of England and the Midlands, have attracted a mix of buyers including small pubcos, local and regional brewers, as well as private individuals.

Hall said they will mainly continue to operate as pubs but under a different format, with a shift away from their previous tenanted arrangements.

He confirmed offers had been received on "many more" of the remaining 75 per cent of the properties with some at acceptable levels that would soon be in the hands of solicitors.

The high level of interest from buyers was a result of "a sense of an improved confidence in the market", according to Hall, who suggested that funding from the banks had still not improved.

The disposals were triggered by the Heineken purchase in November 2009 of Scottish & Newcastle Pub Company that runs them on behalf of Blue Star Pub Company.

Hall added: "There are a few other sites they are disposing of and there will be more as the estate is churned."