Distressed pub sales up at Christie + Co

Christie + Co, the property agency, has reported that the number of distressed leisure assets sold in the six months to end-September more than doubled compared with the same period a year earlier.

It said that the market in pubs was particularly active with the number sold up by some 189% on the middle two quarters of 2009.

The number of distressed restaurant sales also increased, up 67% and across all leisure sectors it had seen an increase of 120%.

Christie also reported that across all leisure sub-sectors, it achieved some 88% of the asking price in Q2 and Q3 2010 compared with 81% in 2009.

Steve Rodell, head of bank support and business recovery at Christie & Co, said: "Many businesses have already faltered as a result of the tough economic climate, and many more are expected to fall by the wayside over the next six to 12 months.

"However, as our data shows, distressed assets continue to appeal to experienced operators and those looking to start their first business, with a marked rise in buyers returning to the market during 2010."