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.

Previous post regarding the auction was here 

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!