Former Pubfolio sites among package of 74 pubs put up for sale

By Mark Wingett

- Last updated on GMT

Related tags: Pubs, Property

74 pubs, including sites from the former Pubfolio and Goldtry estates, have been put up for sale
74 pubs, including sites from the former Pubfolio and Goldtry estates, have been put up for sale
A 74-strong package of closed freehold and long-leasehold pubs, which includes sites from the former Pubfolio and Goldtry estates, has been placed on the market, according to BigHospitality's sister publication M&C Report.

46 of the pubs are being offered for sale on behalf of PricewaterhouseCoopers (PwC), the joint administrators of Pubfolio Limited and Goldtry Limited, both of which collapsed in September 2009. The remainder are thought to have been owned by subsidiaries of Pubfolio.

With the exception of 10 of the pubs, which are long-leasehold with fixed low rents for the duration of the term, the properties are freehold. The sites, which are spread across the UK, range in price from offers invited to £325k.

Noel Moffitt, director of Christie & Co, which is handling the sale of the 74 sites, said: "The properties are available to purchase individually or in groups and are offered as vacant possession. Many offer real opportunities for alternative uses, including redevelopment or conversion, subject to planning permission and building regulations."

Pubfolio

Pubfolio established itself at the beginning of 2005 after completing on a deal to buy 545 pubs of the old Innspired estate from Punch Taverns for £162m. The pubs, which were managed by County Estate Management, were mostly wet-led, community locals. The group's business model was to sell chunks of the estate to property investment outfits - a strategy that has suffered in the light of the downturn.

The Wiltshire-based operator fell into administration owing its banks in excess of £50m.

As well as Pubfolio, whose estate numbered around 250 pubs, another smaller operator, Goldtry, was placed into administration at the same time.

Management of the sites had been handed over to Pebble Management, headed by Ted Kennedy.

This story was first published by M&C Report. To subscribe to M&C Report please contact Emily Croft on 01293 846578 or email rzvyl.pebsg@jeoz.pbz​.

Related topics: Business, Pubs & Bars, Venues

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