Faucet Snaps Up 25th Site
June 23, 2011
Multiple operator Faucet Inns has hit a quarter century this week, acquiring its 25th site, through Davis Coffer Lyons.
The Catcher in the Rye Freehold on Regents Park Road in Finchley, currently leased by Faucet Inns has been snapped up for £1.1 million, in a deal which exchanged within 48 hours of agreement and completed within one week.
Faucet Inns, which was founded by Stephen Cox, acquired the Sir Richard Steele in Belsize Park, North London last month. The company is now looking for further freehold and leasehold opportunities in London and the surrounding area.
The Cather in the Rye is arranged on the ground floor with raised and lowered sections creating a defined bar,lounge and snug area, with accommodation on the upper floors.
Paul Tallentyre, Director of Pubs, Davis Coffer Lyons and advisor to Faucet Inns, said: The purchase makes commonsense Faucet Inn already trade the property so understand the business and now that the substantial rent is not an issue the property should be a lot more profitable.
There are so little freehold opportunities around in mark hence aggressive players in the market are ready to snap up these assets quicker than ever. This is a valuable new addition for Faucet – a contemporary pub that is popular with local residents and office workers whilst being a destination venue in its own right.