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Beloved Pub For Sale For Just 1p

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http://www.thestar.co.uk/news/Beloved-pub-...-for.4307172.jp

DESPERATE Sheffield landlady Lynne Peckett has put her beloved pub up for sale for just one penny.

Exhausted by 50 hour weeks, crippled by soaring running costs and disheartened by decreased custom since the smoking ban was introduced, Lynne has decided to cut her losses and get out of the business before it ruins her financially.

But after two years with no offers on the £30,000 lease for the Rose House in Walkley, she and husband John have offered it up for 1p, plus the costs of stock and fixtures and fittings.

It's a sad end to the couple's 19 year history at the South Street pub.

Lynne, aged 53, said: "We have a prime location on a main road and we have some lovely regulars. But we're not making enough money - it's not a sustainable business for us. We have had the lease up for sale for two years and no-one is interested."

John, 55, came up with the idea to sell the lease for a penny during an interview with a trade magazine about the struggle they were having selling up.

Lynne, who has worked in the pub trade for 23 years, said: "We will be very sad to leave but the financial situation is delicate.

"We used to be employed by the brewery to run the pub but when they went bust John used his redundancy money to buy the lease." Lynne bought the lease from John two years ago for £8,000. She said: "Now we just need to get out. We'll make a loss but we don't really have a choice. We need to get out."

There are 10 other pubs within walking distance of the Rose House and two supermarkets also selling alcohol.

Lynne is now hopeful they have a serious buyer interested in the business and if they are successful in selling up, she wants to take a well-earned break.

Is this the bottom then???

It's a prime location but no one what's to buy!!! Surely that's a contradiction in terms?

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I think pubs et al are valued by the potential profit of the business and not the actual building itself.

If these poor sods' business is as broken as they say, 1p might represent a fair price, believe it or not.

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It's a lease; you don't get to own the building. And they don't say how long for.

I'm sorry, but with 10 other pubs in walking distance and two supermarkets there's no business there. Plus she would probably sting you for the fixtures, fittings and stock.

There would be need to be a change of use within the current permitted category, ie, another commercial operation of some sort.

(And DON'T say open an EA office! :lol: )

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Guest DissipatedYouthIsValuable
It's a lease; you don't get to own the building. And they don't say how long for.

I'm sorry, but with 10 other pubs in walking distance and two supermarkets there's no business there. Plus she would probably sting you for the fixtures, fittings and stock.

There would be need to be a change of use within the current permitted category, ie, another commercial operation of some sort.

(And DON'T say open an EA office! :lol: )

Turn it into a steelworks.

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I think pubs et al are valued by the potential profit of the business and not the actual building itself.

If these poor sods' business is as broken as they say, 1p might represent a fair price, believe it or not.

Exactly, a lot of rental agreements from modern pub companies are a liability, full repairing, tied to them for overpriced beer, and annual upward only reviews on already high rents make a lot of them unworkable, even in a good economic climate.

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  • 399 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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