Last checked at 3 Sep 2015 13:13
3 September 2015
Christie Group plcChristie + Co advises on successful sale of 146 pubs to Red Oak Taverns
Christie Group plc ('Christie Group' or the 'Group'), the leading provider of Professional Business Services and Stock & Inventory Systems & Services to the leisure, retail and care markets, is pleased to announced that Christie + Co, its specialist provider of agency and advisory services, has completed the sale of 146 tenanted pubs to Red Oak Taverns on behalf of the liquidators handling the GRS group of companies.The acquisition brings Red Oak's total tally of pubs to 170. Located throughout England and Wales, the pubs were predominantly let on free-of-tie leases with the majority being freehold sites.
Christie + Co has been advising the liquidators, PwC, and Pebble Solutions since 2011 when the GRS Estate, InnDeeD, Pubfolio and Goldtry consisted of 463 pubs. Over the past three years Christie + Co has sold off over 300 of the assets individually, mostly for continued licensed use.
Noel Moffitt, Director at Christie + Co has been handling the disposal for the last four years. He comments: "The sale underpins the resurgence in market sentiment towards the tenanted pub sector, where buyers are seeing potential in the pubs and their tenants."
He adds: "Having originally sold Red Oak their first package of 32 pubs in 2011, we are delighted to see their growth continue through their positive approach and investment in the estate, and congratulate them on another excellent acquisition."
Enquiries:
Christie Group plc | |
David Rugg Chief Executive | 020 7227 0707 |
Daniel Prickett Chief Financial Officer
Fiona FieldhouseChristie + Co Media Relations Manager | 020 7227 0700
020 7227 0794 |
Charles Stanley Securities Nominated Adviser & Broker Russell Cook | 020 7149 6000 |
Notes to Editors:
Christie Group plc, quoted on AIM, is a leading professional business services group with 46 offices across the UK, Europe and Canada, catering to its specialist markets in the leisure, retail and care sectors.
Christie Group operates in two complementary business divisions: Professional Business Services (PBS) and Stock & Inventory Systems & Services (SISS). These divisions trade under the brand names: PBS - Christie + Co, Pinders, Christie Finance and Christie Insurance: SISS - Orridge, Venners and Vennersys.
Tracing its origins back to 1846, the Group has a long established reputation for offering essential services to client companies in agency, valuation services, investment, consultancy, project management, multi-functional trading systems and online ticketing services, stock audit and inventory management. The diversity of these services provides a natural balance to the Group's core agency business.
For more information, please go to www.christiegroup.com.