Herald Inns & Bars, the managed pub business jointly owned by Trevor Hemmings and Halifax Bank of Scotland, has placed a package of 10 pubs on the market
Six of the pubs, which are all currently managed, are available on new leases for a term of 15 years, while the other four are available by way of assignment of the existing lease.
The package of six pubs, which range geographically from Largs in Scotland, to Ilford in Essex, is being marketed with asking prices for the leases ranging from £35,000 to £125,000.
Five of these pubs reported combined turnover of approximately £2.15m for the 12 months to December 2006, while the sixth the Townhouse in Largs reported sales of £130,523 for the four months to the end of December 2006.
The remaining four pubs are loacted in Swindon, Rugby, Leeds and Broxbourne.
The asking prices for the remainder of their leases range from £25,000 to a six-figure fee for the Leeds site, which is currently closed.
Combined turnover for the sites in Swindon, Rugby, and Broxbourne was £853,574 for the 12 months to the end of December 2006.
Current rent per annum for the four sites ranges from £40,000 to £79,000.
Christie & Co is handling the sale of the pubs
Herald, which currently has 57 sites, announced last month that it plans to invest £5m on developing its existing concepts and diversifying its portfolio.
Kevin Allcock, who replaced Mike Clayton as the group’s managing director at the end of January, said the new investment would be primarily focused on evolving its Mood nightclub brand into a new late-night venue concept called Mood To.
He also said that the company will use some of the funding to diversify its existing portfolio, which includes the Brannigans bar chain, through High Street bar, student and suburban food concept development.
The company is believed to have withdrawn from the market the 15-strong package of Brannigans and Mood late-night brands it put up for sale in October last year through Christie & Co.
