Roadside Real Estate completes disposal of pub assets
Roadside Real Estate has disposed of its remaining pub assets as the company continues to shift its focus towards roadside assets.
The group has disposed of the leaseholds for The Bull Hotel in Fairford, The Rose and Crown in Ashbury, and The Eliot Arms in South Cerney, terminating the leases at these pubs for no cost.
The existing management team, via PS91 Hospitality, has agreed new leases with the landlords of these pubs and have assumed all operational responsibility.
Roadside Real Estate has also rescinded operational responsibility for the Coach & Horses in Chiselhampton. However its subsidiary, Barkby Pub Co, retains the freehold for the pub and has granted PS91 Hospitality a lease to operate it.
The group said that – in the period ending 30 September 2023 – the assets subject to the disposal achieved a loss before tax of c.£0.8m and were held at a total carrying value of c.£0.2m.
Charles Dickson, executive chairman of Roadside Real Estate, said: “We are pleased to have concluded the exit of our pub business and we continue to focus on the execution of our roadside real estate strategy.”
Formerly Barkby Group, the group is eyeing REIT status as it aims to build and scale a substantial portfolio of modern and ESG-compliant roadside real estate investments.
Earlier this year, Roadside Real Estate said it is focused on “scaling its pipeline” and was in negotiations on a significant number of target assets via its joint venture with Meadow Partners.