Wednesday, 8 April 2009

The Royal Oak doesn't sell

Bad news for the long-suffering match-day customers of the Royal Oak. The pub failed reach it's reserve price of £85,000 for the 22 year lease today, so it will be auctioned again at an auction house later this month. In the meantime, the pub continues to be badly run by an absent landlord who relies on part-time, non-professional bar staff. The pub gets tattier by the week and the locals continue to find that beer has run out or that the pub's "closed temporarily" due to staff sickness etc.

Apparently, a bid of £69,000 was the highest made by someone fresh out of the army with a pay-off to invest. Those in the pub game who made bids dropped out at the £50,000 mark, which tells you all you need to know about the current leaseholder's valuation of £85,000. Looks to me like there will be no good news until next season at the earliest unless the seller gets real on the price.

1 comment:

Suze said...

We've got nice, clean, well maintained freehold country pubs with land for sale at £250,000 to £300,000 mark, near me. A run down 22 year leasehold at £85000...some people just don't live in reality... It's a shame it sounds as though that purchase would've been a good one for all concerned.