London’s Oldest Restaurant Meets Cutting Edge Valuation Advice

London’s oldest restaurant Rules on 34-35 Maiden Lane in Covent Garden has recently changed hands for only the third time in its history.  Rules has traded on this site since 1798 and the freehold has recently been donated to the National Trust in an £11m freehold gift.  AG&G were asked in 2025 by the National Trust to give confidential valuation advice on Rules.  The restaurant itself is a stone throw from the office of AG&G and over the years the Directors of AG&G have provided valuation advice on the majority of bars and restaurants on this street and it was felt AG&G were therefore a perfect fit for this mandate.  Not least the business and assets were a far from straightforward asset to value and a variety of specialist approaches were needed.   

Anthony Alder – who acted for the National Trust and a founding Director of AG&G - undertook the valuation.