Click on images
-
-
Scottish pub sales hint at recovery
24 November, 2009
Agent encouraged by deals done and rising interest levels
The market for pubs in Scotland may be improving, according to one property agent which deals in the region.
Ryden, which has offices across Scotland and is headquartered in Edinburgh, has recently sold five pubs on behalf of Punch Taverns and has another batch of sites to get away, with some already under offer.
This, combined with growing interest in other sites, suggested the market was becoming more active, said Andy Macpherson, Ryden’s licensed trade consultant.
Interest in the properties has been high, said Macpherson, with some being retained as pubs, while others are converted into alternative retail use.
The Punch pubs sold tended to be either currently closed or under temporary management agreements, with prices achieved close to asking prices, according to the agent.
“In general the investors we’re seeing are well-funded and cash-rich with little need to go to the banks,” Macpherson said, although he acknowledged those able to get bank funding could avail themselves of currently rock-bottom interest rates.
Ryden had seen “a marked increase” in interest for the properties it had put on the market, he added.
Punch were just one of a number of companies looking to sell what Macpherson described as “bottom end” properties.
“Scottish & Newcastle, Belhaven and Trust Inns have all got a few they want to dispose of,” he said, and interest levels were positive.
Readers' comments
Well if the minimum pricing ever gets through it'll knock all this silly 'recovery' thing on the head. As mentioned in the thread if you close so many places you'll have some people looking for another place to go. As the passive smoking trash, minimum pricing (for greed) and stopping people at different levels in different situations having a choice you should show shame. I can imagine the general publics view when it gets into the public domain that pubs wanted minimum pricing to force people into their establishments. Amazing what you can do with statistics when you twist them to suit yourself. Michael
stevw w what freemarket are you on about,is i t the the one where your not free to smoke,free to have happy hours or promotions ,minimum prices since pubs began we have had unreasonable contracts,tax increases and many attacks on the trade. the trade survived through it all,now we have the smoking ban and if you think i am being naive ask your punters standing outside in the rain whats the main problem if my comments are naive in your mind then myself and thousands of others plead guilty
Laird - that is such a naive view of the workings of free-market dynamics that it's not even worth putting you right! It's funny how any positive news is seen, somehow, to simply be a 'glitch' but the report of just one pub closing is automatically hard evidence for every problem our industry has...
I remember after the house price crash in 1989 that estate agents were saying the same thing about houses (for about six years until things finally took off). Maybe pub sales are recovering, but I take statements like this with a pinch of salt.
if a number of pubs and clubs have already closed and are still still closing at an alarming rate it is obvious that those still remaining would get some spin off from punters looking for another venue for their tipple. that makes any reported recovery story a nonsense and just another snow job solve the SMOKING BAN.fiasco first and then we would see a definite recovery in our social industry trade