19 March 2012

New pubco seals corking deal

The new EIS funded City Pub Company has landed a fine premises – it’s a real corker. The operation has secured premier Bath watering hole The Cork for a cool £2.725 million, it is a very successful and strongly profitable business.

The deal by former Capital Pub Company directors Clive Watson and David Bruce, who run City Pub Company, excludes the student accommodation above the central Bath bar. The vendors, West Country entrepreneurs Kingsley Webb and Joe Baio, will retain the top three floors of the building.

“The Cork is a handsome Georgian-fronted property in the heart of historic Bath and has been skilfully renovated by the previous owners,” says David Gooderham of AG&G, who handled the sale for Webb and Baio.

“It has a number of attractive bar areas and one of the city centre’s biggest outdoor trade patios, as well as a quality food offering, all of which have helped to make it a popular destination for locals and visitors. It’s a great foundation property for City Pub Company’s portfolio – we’re sure both parties will be popping a few corks to celebrate.”

Bath’s beautiful architecture, fascinating history and innate west country charm have helped to make it a popular tourist destination, attracting 3.8 million day trippers and one million staying visitors each year.

For more information, contact David Gooderham on 020 7836 7826, e-mail dgooderham@agg.uk.com.

AG&G are chartered surveyors specialising in the licensed leisure industry, with the skill and experience needed to value, assess or promote a property not simply as bricks and mortar but as a business. If it involves the price of a licensed premises, its profitability, rental value, investment prospects or value in a dispute, AG&G can help.

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