Carmichael Group, the Northern Ireland pub and hotel operator, has bought three pubs in north Down for £3m and expects to add another site within the next three to four months. Two of the three sites - the Stables in Groomsport and the Bryansburn in Bangor - were among the six sold by Carmichael for £12.5m in 2006. The company has made a c.£9.5m profit on the sale and buyback of the sites, which are all freehold. The Stables, the Bryansburn and the Esplanade in Ballyholme were previously owned by Wen Inns, which stopped trading in 2011. They were among the 15 sites bought out of administration by pub entrepreneur Bill Wolsey for £8m last summer. Keith Carmichael, director of Carmichael Group, told M&C Report: “We hope to add another to the portfolio within the next three to four months.” Ulster Bank provided c.£2m of the funding for the latest acquisition. Carmichael said the group would consider further acquisitions “whenever opportunities present themselves and depending on the bank funding”. Carmichael Group also operates the Rosspark Hotel in Kells and Morrison’s Bar in Belfast.

Topics