PREMIUM Bars & Restaurants (PB&R) has sold three sites in Newcastle-upon-Tyne city centre as part of its drive to focus on its food-led businesses.
PB&R - formerly known as Ultimate Leisure - sold the properties – one freehold and two leaseholds – for £1.4m.
According to Craig Bell, P&BR’s finance director, the venues were typical City centre bars which could hold between 300 and 400 people.
“These disposals of non-core sites are part of our repositioning towards a more food-led business,” he said.
Mr Bell added the group was still making good returns on its late night operations, in spite of the tough trading environment.
PB&R has in the last year bought the Living Room restaurant brand and food-led pub outfit Bel & The Dragon as part of its new strategy.
Mr Bell said the group had funds to acquire more sites and said that opportunities were always being discussed and assessed, although the group “won’t be rushed into buying anything”.