Mon, 08 Apr 2024 | COMMERCIAL PROPERTY
A traditional pub in a sought-after village in Rutland, East Midlands, has been put up for sale as its long-time owners are seeking to retire. The Old White Hart, which is situated on a 3.3 acre site in the historic limestone village of Lyddington, is being listed for sale for £2.5 million.
The pub is popular among local residents and tourists visiting nearby sights including Rockingham Castle and has recently been refurbished and “sympathetically extended” by the current owners.
In addition to the main bar, which serves a range of real ales, the pub also features a main restaurant, conservatory and function room. The interior of the pub has space for around 140 covers, as well as a commercial kitchen, ground floor cellar, staff quarters and manager’s office.
There are also 12 letting rooms adjoining the pub, a south-facing garden with a patio providing space for an additional 200 guests and a car park with around 50 spaces. Accommodation includes rooms with jacuzzi baths, split level rooms and family rooms.
The Old White Hart has been owned and operated by Stuart and Holly East for the past 27 years and has been put up for sale as they plan to retire, with the sale process being handled by Christie & Co Regional Director Dave Lee.
Dave Lee commented: “The Old White Hart is a fantastic hospitality business in a beautiful location. The business also makes very significant profits so it is an ideal purchase for a variety of different types of buyers.”
According to accounts for the year ending April 2023, the business generated turnover of slightly more than £1 million, with gross profit of £864,514 and net profit of around £439,000. Around £50,000 of the turnover was generated from separate letting accommodation not included in the sale.
The large amount of land on which the pub is located also provides opportunity for new owners to develop further income streams, subject to planning and other regulations. These could include further accommodation, glamping facilities or a shop.
Hospitality could see an increased level of M&A activity during 2024
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