Pub operator JD Wetherspoon has appointed CBRE to handle the disposal of 20 of its pubs.
The properties, which are being considered for sale either individually, in small packages or as a group, are brought to the market for the first time in many years and are located in prime town and city centre locations within England and Scotland. The outlets have strong exposure to London and the South with 14 of the 20 outlets located in these regions.
Douglas Jack at Numis commented on the move:
“Following on from a slowdown in trading, to 1.7% LFL sales and a 50bps decline in margins in Q3, JDW has placed its largest package of pubs on the market since it sold 20 pubs in 2004. The company is not making any comment before its trading statement on 15 July, but we view it as sensible move in light of the margin pressure the company is facing.”
Portfolio of quality
Paul Breen, Senior Director in CBRE’s Specialist Markets team commented:
“It is extremely rare that a portfolio of this quality comes to the market with such a high concentration of outlets in affluent locations where opportunities are in scarce supply. As you would expect, the units are fitted to a high standard significantly lowering the ingoing costs for any operator, and we anticipate strong interest from a broad range of pub, bar and restaurant groups.”
Wetherspoon spokesman Eddie Gershon said:
“We have taken a commercial decision to dispose of a small number of pubs. These pubs will remain trading until they are sold. We will continue to open new pubs in the coming months and years.
“Staff at the pubs will be offered jobs within our existing pubs, however, some might decide to remain with the new owners.”
The properties
- The Almond Bank, Almondvale Boulevard, Livingston E54 6HP (pictured above)
- The Assembly Rooms, Poplar Road, Solihull B91 3AD
- Devonshire House, 2-4 The Broadway, Crouch End, London N8 9SN
- The Edward Wylie, 107-109 Bothwell St, Glasgow G2 7JL
- The Foxley Hatch, 8-9 Russell Hill Road, Purley CR8 2LA
- The Gatehouse, 1 North Rd, Highgate, London N6 4BD
- The Gatehouse, 1 Bird Street, Lichfield, Staffordshire, WS13 6PW
- The Glass Works, Angel Central, Parkfield St, Islington, London N1 0PS
- The Golden Lion, Cornhill, Ipswich IP1 1DB
- The Isaac Pitman, Castle Place Shopping Centre, Castle Place, Trowbridge BA14 8AL
- The Moon In The Square, 6 The Parade, Northampton NN1 2EA
- The Moon Under the Water, 194 High Rd Balham, London SW12 9BP
- The Oyster Rooms, Unit 3 First Floor, Fulham Broadway Centre, Fulham, London SW6 1AA
- The Sennockian, 139-141 High Street, Sevenoaks TN13 1UX
- The Swan Inn, High Street, Haselmere GU27 2HG
- The White Lion of Mortimer, 125-127 Stroud Green Rd, London N4 3PX
- The William Coppin, 2 Coppins Bridge, Newport, Isle of Wight PO30 2BX
- The William Jolle, 53 The Broadway, Joel Street, Northwood Hills HA6 1NZ
- The William Robert Loosley, 120-123 Oxford Road, High Wycombe HP11 2DN
- The Windlesora, 11 William Street, Windsor SL4 1BB