Package of North West bars sold to tenant
A package of three North West bars has been sold by leisure property specialists Fleurets on behalf of Star Pubs & Bars.
The properties are: Kuckoo in Preston, which was marketed off a guide price of £225,000; Kuckoo in Knutsford, which was marketed off a guide price of £400,000 and finally, the Fox & Grapes, also in Preston, which was marketed off a guide price of £140,000.
The sale prices cannot be disclosed.
The freeholds for these properties were openly marketed and received strong interest, however they have successfully been acquired by the existing tenant of all three sites, Chris Powell, Director of Kuckoo, who commented: “Following the completion of the sale, we can now look forward to a period where we can fulfil our ambitious plans to renovate and enhance the buildings, particularly Kuckoo Preston, to the same high standards as Kuckoo Knutsford and our other cocktail bars in Chester and Sheffield.”
Commenting on the deal, Tim Martin of Fleurets added: “I am pleased for Chris as commercially it makes a lot of sense for him, freeing him from his rental liability. It is always pleasing to sell a pub to an existing tenant, knowing the business is in safe hands that not only know the business inside out, but also cherish it.”