Friday, 25 March 2011

South Wales Pub Auction - update

I realise the auction happened a few weeks ago but I have been waiting for some post-auction news before updating and, yes, I did forget about it and left the post gathering the equivalent of dust on the pc.
Thirty-one pubs were originally put up for auction, although 18 were sold beforehand, including the Cambrian in Blaenavon and the Engineers, Newport. Others sold before auction were:
Black Prince, Ynysddu
Bowens Arms, Swansea
Copperhouse, Port Talbot
Eagle, Taunton
Full Moon, Trycynon, Aberdare
Maltsters, Cwmbwrla, Swansea
New Beethoven, Maesteg
Puddlers Arms, Rhymney
Railway, Llangynydd
Smith's Arms, Pengam, Blackwood
Star, Llanfihangel Tor-y-Mynydd, Llansoy, Monmouthshire
Star, Mamhilad, Pontypool
Tair Bull, Libanus, Brecon
Ty-yn-y-Pwll Inn, Trethomas
Waterlooo, Oakfield, Cwmbran
Cogan, Penarth

A very crowded auction room at the Celtic Manor Hotel in Ringland, Newport surprisingly saw very few pubs realise their guide price or even meet their reserve, which caused extra work for the auctioneers after the auction. As the auctioneer had pointed out – the pubs on sale today were there to be sold so if the reserve price was not reached they would accept offers afterwards. The auction was largely made up of 'fire sale' properties owned by failing pub companies such as Admiral and Enterprise – many of these pubs had suffered closure in recent years as well as lack of investment in the buildings – Admiral Taverns had even put out a press release a couple of years ago that one of the auction properties had reopened after a period of closure after a £4000 refurbishment! With that amount of money being spent on their pubs it's hardly surprising they are dying on their feet.

Pubs where the reserve was not met:
Admiral, Cadoxton, Barry
Forest Hotel, Treforest
Hornblower, Newport - believed to be sold post-auction
Red Cow, Ystalyfera - back on the market OIRO £70,0000
Rising Sun, Fochriw - back on the market OIRO £70,000
Royal Hotel, Trealaw - back on the market OIRO £70,000
Ruperra, New Tredegar - back on the market OIRO £70,000
Wattstown, Porth - back on the market OIRO £70,000

The Red Cow, Royal Hotel and the Wattstown are all featured in the CAMRA book, Real Heritage Pubs of Wales, for their relatively unspoilt interiors.

Pubs that sold:
Carpenters Arms, Newport. Bought for £160,000 (Guide price £225,000) by the owner of the High Street shitehouse and chav depository, the Greyhound, it is my understanding that current tenants JW Bassett have signed a new 5 year lease with the new owner. Good for Newport as it will be the only outlet for Felinfoel beers in the City.

Colliers, Neath. Sold for £100,000 (GP £130,000)
De Winton, Tonypandy, went for £90,000 (GP £70,000). This could be a good pub once again if the owners want it to be – good main road location, smoking solution, car park etc.

Fox & Hounds, Llanharry, £185,000 (GP£195,000) some fierce bidding for this one especially from a West Wales brewer who seems to have made a phoenix-like return after liquidating his company last year. The auctioneer described him as “a canny lad” though most people refer to him using a lot more expletives.

Well lots of bargains to be had in that auction and even now, a pub for £70,000? You can't even buy a house for that!

1 comment:

Anonymous said...

Any news on if there being kept as pubs or turned into flats etc? I heard, Asians have bought the Hornblower to turn into a takeaway..

I imagine the Engineers will become flats


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