£1.4m deal for five Centro pubs

May 27 2009 By The Journal

FIVE well-known premises of a liquidated North East pub chain have been sold or leased for more than £1.4m, making the group of transactions the largest licensed property deal in the region this year.

Premises of failed chain Centro Pubs, which had bars in Durham, Sunderland, Newcastle, Tynemouth and Morpeth, have been snapped up by regional entrepreneurs.

As well as being the largest licensed deal of the year, the fact that the new owners plan to maintain the premises as going concerns bucks the national trend of licensed premises closing down because of tough conditions.

The sales were brokered by property consultancy firm Sanderson Weatherall. Adrian Mattock, director of licensed and leisure property said the successful deals showed buyers could still be found.

He said: "To have contracts signed for five businesses in this period is practically unheard of in good market conditions, let alone when the economy is contracting. The group of deals – which is the largest in the region this year – show there are still buyers in the market for the right property at the right price."