The New Dungeon Ghyll had previously been confidentially marketed by Colliers at an undisclosed price.
The deal represents the private equity-backed firm’s first foray into the Lake District and the latest in a succession of off-market deals brokered in the region by Colliers Hotels specialists.
The pub is in Great Langdale on a site of about 12 acres, which includes mature gardens and pastures, a large extensive outdoor seating area and car park.
It is a traditionally constructed detached stone property with a slate roof and was originally a farmhouse before being converted in 1832.
It also currently features 23 en-suite bedrooms alongside public areas with restaurant, bars and lounges.
Increasing corporate attention
Colliers head of hotels agency Julian Troup, who acted on behalf of the Smith family who had owned the pub for 30 years, said: “The hospitality sector in the Lake District has been attracting increasing corporate attention, as indicated by this acquisition of the renowned New Dungeon Ghyll hotel by the recently formed RedCat Pub Company.
“With interest rates remaining law, hotels and pubs in staycation areas such as the Lakes are delivering impressive trading figures and solid returns on investment and we expect to see continuing corporate and private demand from overseas and domestic buyers given the growing popularity of UK staycations.”
Everard Cole director, acting for RedCat, James Boshier said he was delighted the growing pub group had expanded into the Lake District.
He added: “I am looking forward to working again with Colliers to identify further opportunities throughout the Lakes.”
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January 2021 – Former Greene King CEO Rooney Anand raised £200m to invest in Britain’s pub sector, Sky News reported.
February 2021 – New World Trading Company former chief executive Chris Hill becomes CEO at RedCat Pub Company. The Morning Advertiser’s sister title MCA reported RedCat also appointed Sharon Badelek as chief financial officer, previously of Inspired Villages Group and Novus Leisure. M7 Real Estate executive chairman Richard Croft as well as former Lord Mayor of London and PwC adviser Sir Charles Bowman also joined as non-executive directors.
March 2021 – RedCat acquires 42 pubs from Stonegate Pub Company for an undisclosed sum. The sites, RedCat’s first acquisition, are spread across the country with the majority (25) in the south east, 11 in the north of England, two in the Midlands and four in Wales.