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PURCHASE OF A GASTRO PUB BY TENANT

by Peter Davies on 2nd November 2022

commercial mortgage

Client details: The clients were experienced in the hospitality sector and had been operating the gastro pub as tenants. They were given the exciting opportunity to purchase the freehold to the building by the landlord and had ambitious plans for the property, including using it as a stunning wedding venue.

Property details: The property was an impressive detached two-storey Grade 2 listed building, on the banks of the Kennet and Avon canal, with a large open plan bar and restaurant and perfect for their future plans. A dream property!

Reason for finance: Commercial finance was required to complete the purchase so that the clients could build on the current trading period at the pub and put those wedding venue plans into action.

Challenges faced: Whilst experienced, the tenants had only been in place for a short period of time and therefore three years of trading history was not available. The property itself was also a grade 2 listed building, as well as in an area noted for risk of flooding due to it’s proximity to a canal.

Solution: Thankfully, they had Coreco Commercial on the case. Working closely with the lender, Allica Bank, providing accounts and management accounts to the point of application, we were able to show a stable trading history to support the borrowing required.

We’d like to express special thanks to Angela Flanagan at Merali Beedle (client’s solicitor), who was instrumental in ensuring the purchase was completed.

 

peter

Written by Peter Davies

Partner

Starting his career in property and finance with Connells Estate Agents more years ago than he cares to remember, Peter was first employed as a sales negotiator before moving across into the Financial Services arm as a mortgage adviser. During this time he studied for, and passed, all three elements that make up the FPC qualification and in addition gained the CeMAP qualification. After 5 years with Connells he joined John Charcol in 2002. Based in the Canary Wharf office he remained with Charcol until joining Coreco in August 2009 shortly after the business was established. Better known as Taff, he now works within the Specialist team here at Coreco Towers dealing with the extremely varied requirements of their many clients.

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