North East operator, Tavistock Group, has placed two of its hotels on the market in order to focus more heavily on its growing gin distillery business and brewery operation.
Two of the Groups’ hospitality assets, The New Plough in Burnopfield, Newcastle and The Lambton Worm Hotel in County Durham has gone up for sale with asking prices of £450k and £900k respectively for the freehold interests of the businesses.
Mark Hird, managing director of Tavistock Group said that a ‘shift in strategy’ meant the Group was looking to reduce its number of outlets it owns.
Following the sale, Tavistock Group will focus on its brewing business S43, expanding its traditional cask ale range to new American craft brews, and growing its Poetic License Distillery.
The Group will continue to run The Roker hotel, Italian Farmhouse, cake shop Let There Be Crumbs and Sonnet 43.
Hird said: “We are looking to reduce the number of outlets we have in the portfolio. Whilst we are disposing of good, profitable properties, it will free up valuable management time and resources for the expansion of both our distilling and brewing operations.”
The New Plough is a modern pub and restaurant with two open plan trading areas, comprising a 70-cover restaurant and a separate bar and private dining space.
The Lambton Worm Hotel is a boutique hotel with 14 bedrooms, a lounge bar and separate restaurant area, with seating for approximately 110 covers across both trading areas.
David Lee, regional director at Christie & Co is handling the sale and comments: “The Lambton Worm Hotel and The New Plough Inn have both undergone complete refurbishment under the current ownership and benefit from a strong trading performance. It is our view that the businesses represent two excellent opportunities for a new owner to significantly increase trade and drive the businesses forward, whether purchased individually or together.”