Savills, on behalf of London Brewing Company, an independent pub and brewery business, has sold the free of tie interest in The Bull in Highgate, London to Gorgeous Pubs for an undisclosed sum.
The Grade II listed, 5,000 sq ft (465 sq m) brewpub venue is set over two storeys and benefits from two trading floors with customer seating for 140 and external terrace seating for 70. It also has a midnight licence for the sale of alcohol.
Dating back to around 1730 as a public house, The Bull is an attractive building located on the edge of Highgate Village. London Brewing Company, which is headed by Dan Fox, acquired the venue in 2011 and carried out a substantial refurbishment. The business has an on-site microbrewery producing various cask ales for sale in The Bull and for distribution. London Brewing Company also operates the The Bohemia, an O’Neills pub, in Finchley.
Gorgeous Pubs is led by former Geronino Inns employee Rob Laub and entered the London pub market in 2014 with the acquisition of The Prince Arthur in London Fields, Hackney. It also acquired The Shillibeers in Islington in late 2015, which was recently sold to West Berkshire Brewery.
Chris Bickle, director of licensed leisure at Savills, comments: “London Brewing Company took The Bull as a closed venue and developed a highly successful business over a short period of time. We are delighted to have secured an off market deal to Gorgeous Pubs. Quality assets such as this, which are free of tie, unaffected by MRO issues and with substantial unexpired lease terms, are highly desirable.”
Rob Laub of Gorgeous Pubs adds: “We are delighted to have secured the acquisition of The Bull and look forward to continuing the development of the business and becoming the heart of the community.”
Paul Tallentyre, executive director at Davis Coffer Lyons which acted for the purchaser, says: “Free of tie leases are increasing in value due to the uncertainty surrounding the leasehold market. The Bull is a great site with good potential to develop trade already established. Gorgeous Pubs is now looking to grow the group with further free of tie and freehold sites in London.”
Dan Fox of London Brewing Company adds: “We are extremely proud of what the team has achieved at The Bull over the last five years, which would not have been possible without the support of our loyal customers. We wish Rob all the best with his new venture.”
