Moorgate Taverns up for sale following administration

The Moorgate Taverns estate, which comprises ten pubs, has been placed onto the market following the administration of holding company Pubs 'n' Bars in December 2009.

Moorgate Taverns was purchased in 2007 by Pubs 'n' Bars for £9.27 million. The book value of Moorgate's pubs, as of 31 December 2008, was £8.03 million and the debt was £7.08 million. The company was put into administration by its owner in September of last year after trading at a loss and breaching its banking covenants.

Now the freehold pubs, some of which are tenanted and others vacant, are up for sale. They are situated in various locations across central and southern England, with the majority based in Hertfordshire.

Available to purchase individually or in groups, the pubs include Mokoko in St Albans, the Old Guinea in Potters Bar and the Plough in Berkhamstead, with prices ranging from £250,000 to £550,000.

Anthony Jenkins, associate director at Christie & Co who is handling the deal on behalf of administrator Moorfields Corporate Recovery LLP, said, "The majority of these sites benefit from being centrally located in affluent and attractive towns and villages.

"Therefore we expect them to generate interest from a wide range of buyers including experienced operators, investors and first-time entrants. The size and location of some of these sites will also appeal to developers," he added.

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