Property round-up

Camden Market's ‘first ever pub’, Young’s announces new openings

By Stuart Stone contact

- Last updated on GMT

Property moves: which sites have been revamped or changed hands in the past week?
Property moves: which sites have been revamped or changed hands in the past week?

Related tags: Property, Finance, London, Young & co, pub is the hub, Tenanted + leased, Pubco + head office

Following a four-month delay Camden Market's ‘first ever pub’ is poised to open, while pub operator Young’s has announced two new additions to its 200-strong estate.

Camden Market's ‘first ever pub’ unveiled 

Following a four-month delay to its launch, new neighbourhood pub and restaurant, the Farrier will open in London’s Camden Market on 15 April. 

Featuring a hidden courtyard complete with firepit and outdoor covered seating, the 2,100 sq ft site will debut with alfresco drinking and dining and an extensive selection of artisan and natural wines. 

The beautifully restored horse hospital buildings – which its founders claim will be Camden Market’s first-ever pub – will open fully as soon as indoor hospitality can commence in keeping with the Government’s post-lockdown roadmap. 

The Farrier is the brainchild of three friends from Leeds – George Hartshorn, Chris Gibson and Ollie Patterson – who have collectively worked in the hospitality and music industries for more than 30 years.

“It’s been a long time coming, but we’re finally emerging on the other side and ready to welcome Londoners with open arms for quality comfort food, wine and some much-needed good times” Patterson said.

Gibson added: “Through events and tastings, our jobs have allowed us the luxury of experiencing some of the finest foods and wines often only available in high end or intimidating settings. 

“We wanted to create a welcoming space where people can have access to those quality food and wine experiences but in a totally relaxed and laid-back environment.”

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Two Tribes brewery to open BBQ venue

As reported by The Morning Advertiser's (MA)​ sister title BigHospitality​, London-based craft brewer Two Tribes is to launch an open-air cooking venue to be initially operated by From The Ashes BBQ.

Housed adjacent to the Kings Cross based beermaker’s home within a pair of custom shipping containers and outdoor seating, Campfire will host live music and exclusive Two Tribes beers alongside a rotating line-up of chefs, street food and restaurants brands. 

“I’m thrilled to see Campfire ignited this April, this project which has been many months in the planning is the perfect culmination of our vision for Two Tribes which brings together incredible food, great beer and talented entertainers right in our backyard,” Two Tribes founder Justin Deighton said.

Star tenants to pay full rent from June

As reported by The MA​, Star Pubs & Bars licensees on core leased and tenanted agreements in England will have to start paying rent in full from 21 June, following a period of discounted rates.

Heineken’s pub arm has extended its 90% rent concessions, which were due to end on 1 March, to 16 May, leaving 10% payable by licensees.

From 17 May, when pubs are able to reopen inside with restrictions in place if the Government’s roadmap is successful, until 20 June, the discount will be reduced to 10% in rent concessions, leaving 90% payable by licensees.

Star estimated the combination of these rent discounts means about half (50%) of rent will be due for the month of May.

Read more here

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By The Horns Brewing expands into Surrey 

South London-based brewer By The Horns has announced that it is to expand into new premises in Salfords – near Redhill in Surrey.

Founded in 2011 by Alex Bull and Chris Mills, the beermaker has been brewing in keeping with its founders love for both American craft beer and British real ales – producing up to 20,000 pints per week.

As well as brewing beer at its new home from early 2021, By The Horns will also host tours and sampling once Covid restrictions are lifted.

The beermaker’s 5,000 sq ft new home will feature a custom-made brewery with a semi-automated 30HL three Vessel Brewhouse already installed with its overall capacity increased by almost 300%.

Discussing the move, co-founder and production director Alex Bull said: “This expansion has been a long time in the making and I can’t believe we are now ready to brew on the new kit. It has been an incredible experience to plan our dream brewery from scratch. 

“The new brewhouse and increased capacity will enable us to grow fast and puts us in a fantastic position for the next chapter of By The Horns” 

Co-founder and commercial director Chris Mills added: “We have loved every minute of brewing in South London. It is where we brewed and served our first ever beer back in 2011 and we feel very much part of the furniture there, which is the reason why we will continue to brew in SW17 and remain part of the community with this fantastic new taproom venture”

London Cocktail Club owner eyes growth to 40 sites in five years

Co-founded by investor Sarah Willingham in September 2020, Nightcap plc harbours hopes of quadrupling in size following its acquisition of London Cocktail Club.

In an interim results statement for the period between the group’s inception and 31 December 2020, Nightcap reported sound progress in building a property pipeline for its first acquisition, the 10-site strong London Cocktail Club – which it purchased for an initial £5.7m.

The assessment comes despite the company being “essentially a cash shell” as its first acquisition did not complete until 13 January 2021 – the same day of its IPO on the AIM market of the London Stock Exchange. 

According to its statement, the nascent group had £3.75m in cash as of 28 February 2021 and has a management team in place.

Nightcap is now in the process of building a pipeline of new sites in prime locations for London Cocktail Club both in and outside of its London heartland.   

The group is currently in negotiations on several new leases both inside and outside of the capital with ambitions to grow from its current 10 site stable to approximately 40 over the next five years.

“In line with our expectations, the damage done to the property and hospitality sectors by the pandemic is giving us access to new sites in prime locations with lower rents, increased incentives and lower capital costs per site than previously experienced,” Willingham said.

Read more here

Residents’ backing helps publicans open village shop

Martin Steele and Laura Cook have opened a village shop at the George Inn in Tiffield, Northamptonshire, with the support of local residents and not-for-profit organisation Pub is The Hub.

The couple took on the pub in July before reopening in August after extensive refurbishment. However, by England’s second national lockdown demand for a village shop became apparent as many elderly and vulnerable local residents did not want to travel for essentials such as bread, milk, eggs, cheese and toilet roll.

A grant from the Pub is The Hub Community Services Fund meant that one of the rooms at the pub was transformed into a shop while the collective efforts of residents helped get the shop up and running.

“Since we took on the pub last year the local residents have been fully supportive,” Cook said. “We really appreciated the support of locals in helping us to get the shop open. 

“There was a real need for a shop locally offering essentials, takeaway food items and good coffee and we have been delighted at how popular it is proving.

“It was also important that we were able to connect with locals that were feeling isolated and needed support at this difficult time through the village shop. 

“They have really enjoyed being able to walk to the shop and have a quick chat. We cannot wait to welcome everyone back to the pub when we are able to reopen.” 

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Young’s announces pair of pub purchases 

Pub operator Young’s has announced that it is to expand its portfolio with the opening of two new sites – both slated to open outdoor terraces from 12 April and launch fully in May as per the Government’s lockdown roadmap.

Acquired last year, the 6,000 sq ft Alban’s Well in St Albans, Hertfordshire, occupies the ground-floor of a former BHS building. The new site is currently undergoing extensive building and design works to create a 168-cover pub and dining room alongside a 62-cover outdoor terrace.

The interior will be punctuated by upcycled furniture and reclaimed tiling while seasonal British menus will boast underutilised and ethically sourced produce with a focus on plant-based and gluten-free dishes.

The project will also see the introduction of a self-service wine experience from a ‘Wine Wall’. 

The 200 site operator will also open its fifth pub in Greenwich following its purchase of the Grade II listed Enderby House in 2018. The historic house dates back to 1835 and will feature two dining rooms and a variety of private dining space, alongside a main bar and two outdoor terraces. 

“After the most challenging of year for our industry, we are pleased to announce the arrival of these two new pubs this spring,” Young’s chief executive Patrick Dardis said.

“With the reopening of hospitality finally on the horizon, we are looking forward to welcoming guests back into our pubs and establishing both Alban’s Well and Enderby House at the heart of their respective local neighbourhoods.”

The acquisitions will join Young’s 200-strong pub portfolio, marking the continued growth of the company in and outside of London. 

All Young’s pubs and hotels are set to reopen on 17 May, with 143 sites opening pub gardens from 12 April.

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