Wear Inns acquires Cougar Leisure pub
Cougar Leisure, the bar business led by Julian Sargeson, has sold the freehold of the Townhouse pub in Whitley Bay, North Tyneside to Wear Inns.
The group — which earlier this year put 11 sites up for sale via Christie & Co — sold the property to Wear Inns, the north east of England-based pub operator, for an undisclosed sum.
Situated on a prominent corner site in the centre of Whitley Bay, the Townhouse is a large single bar operation with a first-floor function room, which has a wide range of clientele and a good following for sports events.
Wear Inns, which is headed by managing director John Weir and John Sands, the former head of Pubmaster, currently operates a further 14 wet-led managed freehold pubs based in secondary town centre locations across the region.
Weir said: "We continue to seek quality additions to our estate and have been on the expansion trail for the last 12 months. In that time, we have acquired eight managed houses from a variety of sources.
"The market has now reached a point where it makes sense to buy. We are particularly interested in former 'iconic' pubs that require some TLC."
Cougar was created from Herald Inns & Bars — in the wake of a pre-pack administration. Its turnover last year was £15.53m.
