Bruce Bars, the north London pub operator, has completed the freehold acquisition of the Three Crowns in Stoke Newington from Enterprise Inns for £2.2m.
The acquisition of the freehold follows the assignment of the leasehold interest of the pub, which is the group’s ninth, earlier this year.
Bruce Bars is now looking to add to their portfolio and will consider freehold or leasehold sites in London.
The company, run by Michael Nicholas, owns and operates eight further pubs in the North London area including the Pub on the Park in London Fields, as well as the Enterprise and the Monarch in Camden.
Paul Tallentyre, director of Pubs at Davis Coffer Lyons, which acted on the lease assignment and freehold disposal, said: “Multiple operators with a strong cash flow are continuing to snap up sites as we approach the end of the first half of the year. As with the recent news of Spirit releasing 100 pubs into the market, Punch Taverns and Enterprise Inns continue to offload sites, creating welcome movement in the market. The London pub market remains very buoyant and high premiums are continuing to be paid for good London assets although outside of London we expect the market remain very challenging for some time to come.”
