Phil Thorley, operations director of Kent-based pub, restaurant and hotel group, Thorley Taverns, has told M&C Report the sale of two sites last month has given the company funds for acquisitions.
Thorley said some of the profits from the sale of two nightclubs on Margate seafront had gone towards this week’s purchase of two freeholds. On Monday the company secured the freehold of The Pavilion in Broadstairs, where it was 14 years into a 50-year lease, and the adjoining York Gate House, from Thanet Council. Thorley said the latter would remain as domestic accommodation.
He said there were still funds available for further acquisitions.
He said: “We are looking at a couple of things at the moment. Our preferred route is freehold but we would never disregard a leasehold.”
The company is juts completing a £200,000 investment in its Pegwell Bay Hotel in Ramsagte, where it has put in a balcony with 60 seats. Thorley said the work should be finished in time for the summer.