Project Sandpiper

In early 2008 Christie + Co was engaged to advise Duke Street Capital and the other investors in Sandpiper CI Limited — a new company that was established to acquire the retail and hospitality assets of CI Traders, the Jersey based conglomerate. Christie + Co’s corporate team provided valuations and strategic advice on options for the transition of the 65-strong portfolio into a modern pub estate, which would leverage its dominant position in the Channel Islands and make it attractive to UK buyers.

Following its successful takeover of CI Traders, Sandpiper retained the food and non-food retail business and resold the licensed estate to Liberation Group — which Christie + Co continues to advise.

Merchant Inns

Christie + Co had known Merchant Inns since its beginnings and throughout the acquisition and development of a group of interesting and individual properties around London. Christie + Co’s pub team was therefore ideally placed to advise Deloitte when they were appointed as administrators to the group in October 2009. A specialist team, comprising valuers and transactional experts, was able to assist Deloitte and RBS in reviewing options for the potential sale of the seven-strong hotel and inns group.

Heartstone Inns

Acting on behalf of a national pub operator, Christie + Co sold the freehold interest of the Weyside Inn in Guildford, Surrey, to Heartstone Inns, the privately-owned pub company, for an undisclosed sum. This followed the company’s acquisition of the Bun Penny in Lee-on-The-Solent, Hampshire, which it also purchased through Christie + Co in 2009.

Close Ventures

Acting on behalf of Close Ventures, Christie + Co sold the freehold interest of the Crown Point Inn near Sevenoaks, Kent, to Quercus Partners Ltd, for an undisclosed sum, with funding for the deal secured by sister company Christie Finance. Quercus Partners Ltd subsequently granted a new lease on the Crown Point Inn to Orchid Group, the 290-strong managed pub operator.

Bar Risa/Jongleurs

Acting on behalf of Christ Church College, Oxford, and Administrators from BDO LLP, Christie + Co re-let the former Bar Risa/Jongleurs in Oxford, to Cavendish Bars, the late night bars and venues operator, for an undisclosed sum.

Whitbread

Acting jointly on behalf of Whitbread, Christie + Co and Gerald Eve sold the long leasehold interest of the Greaves Park in Lancaster, Lancashire, to Chameleon Pub Company, the North of England-based pub operator, for an undisclosed sum. This followed the sale of the freehold interest of the Nevill Crest & Gun in Kent for Whitbread, to Brunning & Price, the pub operator, for an undisclosed sum.

Utopia Clubs plans new venture for former Nexum Leisure nightclub

Acting on behalf of Nexum Leisure, the nightclub operator, Christie + Co has sold the former Zanzibar nightclub in Stafford, to Walsall-based Utopia Clubs for an undisclosed sum.

The freehold property, which has capacity for 1,800 people over two levels, is to be the subject of a major programme of investment planned by the new owners.

Snooty Fox Ltd Sold

Acting on the instructions of Baker Tilly’s Adrian Allen and Graham Bushby, joint administrators of Snooty Inns Limited, Christie + Co has sold the company’s two pubs, the Snooty Fox in Northamptonshire and the Snooty Tavern in Cambridgeshire.

Located on Main Street, Lowick, the Snooty Fox is a 15th Century Grade II Listed property, which was originally built as a manor house. The property features a 25-cover bar, 56-cover restaurant and a series of dining/meeting rooms on the first floor, together with a separate first floor bar and two bedroom owner’s accommodation.

Be At One acquires City of London site

Acting on behalf of owner David Hughes, Christie + Co has sold the leasehold interest of the City Limits Wine Bar in London’s Spitalfields to Be At One, the privately-owned London bar operator, for an undisclosed sum.

The City Limits, which has been run by David Hughes and his family for the last 25 years, includes a ground floor champagne and wine bar plus an intimate downstairs restaurant.

Walkabout package sells to Cavendish Bars

Regent Inns’ strategy of focusing on prime sites within its core estate has taken a step forward today with the sale of 7 Walkabout venues to Cavendish Bars group, operator of 27 high street bars and clubs.

The 7 units which are situated across the UK are be debranded and incorporated into Cavendish existing estate of bars and clubs.

Heartstone Inns acquires its fifth site

Acting on behalf of a national pub operator, Christie + Co has sold the freehold interest of the Bun Penny pub in Lee-on-the-Solent, Hampshire, to Heartstone Inns, the privately-owned pub company, for an undisclosed sum.

Heartstone Inns, which was formed in 2007 to acquire and operate high-quality pubs, currently owns four pubs spread across the South West of England — the Butchers Arms in Gloucestershire; the Cricketers in Dorset; and the Diggers Rest and the Hare & Hounds in Devon.

Cavalier Inns acquires second pub

Acting on behalf of a national pub operator, Christie + Co has sold the freehold interest of the Mulberry Bush near Amersham, Buckinghamshire, to fledgling group Cavalier Inns for an undisclosed sum.

Located on the edge of the rural village of Coleshill, the Mulberry Bush features a 25-cover lounge bar, a 70-cover dining area, a 60-cover beer garden and a 40-space care park. The property also benefits from a two-bedroom owner’s accommodation.

Sale of Progressive Pub Co to S&NPE

Acting on behalf of Scottish & Newcastle Pub Enterprises (S&NPE), Christie + Co acquired the four-strong Progressive Pub Group for an undisclosed sum.

Progressive, which was set up around four years ago by Matthew Evans, comprises the Crown Hotel in Brotton, Teesside, the George & Dragon in Bacup, Lancashire, the New Inn in Bury, and the Spinners Arms in Atherton, Manchester.

Sale of a portfolio of 30 pubs

Christie + Co recently sold 30 tenanted and leased pubs to Scottish & Newcastle Pub Enterprises (S&NPE) on behalf of Tadcaster Pub Company and Tadcaster Hotels & Inns for an undisclosed sum. The 30-strong package contained a mix of sites spread across South Yorkshire and Humberside, and as far north as Newcastle.

Aprirose acquires nine Revolution vodka bars

Christie + Co has acquired nine freehold Revolution vodka bars on behalf of the specialist property investor Aprirose, in a deal worth in excess of £17 million. The nine Revolution properties are located in: Huddersfield, Lancaster, Leicester, Lincoln, Liverpool, Newcastle-under-Lyme and Wolverhampton, plus two in Manchester.

Punch Taverns

In just 18 months, Christie + Co has completed the transfer of over 650, former Spirit pubs from Punch Tavern’s managed estate to lease. These new opportunities were of exceptional quality, with strong trading histories. As a result they generated a considerable amount of interest and we were able to seek premiums for the leases.

The Bold Pub Company

Acting on behalf of the Bold Pub Company, which is financed with funds managed by Close Ventures Limited, Christie + Co sold the business, and its portfolio of 30 freehold properties, to Calco Midlands Limited.

Taking aAIM into the pub industry

On 10 May aAIM announced its £82.5m purchase of 279 pubs from Marston’s Pub Company (formerly The Wolverhampton and Dudley Breweries). Christie + Co inspected and valued the pubs on behalf of aAIM and its partners, providing detailed advice, which assisted aAIM in the preparation of its bid, and in evaluating its strategy for the pubs.

Marston's

Marston's is one of the UK’s largest regional brewers and pub operators. Recently, it decided to carry out a securitisation to refinance its debt. Christie + Co was instructed to provide a valuation of 1,592 pubs. A team of senior valuers, headed up by Colin Wellstead and James Shorthouse, provided a valuation of £1.17bn for the 1,592 pubs.

Unique Pub Co estate

We have been valuers of the Unique Pub Co estate throughout its ownership by both Nomura and Enterprise Inns. We have undertaken annual valuations of the 4,000 or so pub estate since 1999. The last valuation attributed a value of £2.359 billion, which equates to £590k per pub. This work is overseen by James Shorthouse and includes a team of local valuers who inspect 20% of the properties with a desktop review being undertaken of the remainder.

Pubmaster estate

When Punch Taverns was researching the acquisition of Pubmaster, it appointed Christie + Co to undertake a review of the Pubmaster estate of 3,127 pubs. In excess of 600 pubs were inspected within a two-week period with advice given to Punch on value as a pub, value for alternative use, rental on a substantive agreement, estimate of barrelage, AWP and rent, plus a number of other factors. This was instrumental in Punch completing the transaction at £1.19 billion. We subsequently acted for Punch providing a valuation in the disposal of 256 pubs to London & Edinburgh Inns for £59million.