Regulars Buy The Windsor Castle
October 4, 2013
The Windsor Castle near Regents Park has been sold by DCL – the leisure specialists – to FGM Entertainment Ltd (FGME), a consortium of businessmen that got together to buy the pub, which they have frequented together for almost the past decade.
The friends – all of which are experienced business people in a variety of fields – have purchased the remaining nine years of a leasehold interest on the imposing Grade II listed Georgian building, which stands adjoining the London Business School.
The new owners plan to retain the pubs existing ambiance and atmosphere. The food offer will be expanded in order to increase the pubs popularity and provide a menu that appeals to the local residents while still offering affordable, quality dishes for the pubs strong student clientele.
The outgoing landlord, Michael Foskett, who has spent nearly four decades in the leisure industry – is now focusing on developing a property in Italy, which will become a new retreat and workspace facility venture in the Tuscan hills. It will be used for a range of corporate activities including team building and brainstorming sessions as well as providing an escape for underprivileged children.
Vic Chhabria, a Director at FGME and established estate agent in St Johns Wood, said: We first started to look at buying the pub back in 2011 and – having patronised the pub for many years – we are delighted to have finally completed the purchase. The phenomenal team of staff we inherited are working tirelessly to make the transition as seamless as possible. We plan to run this pub as we each do our other businesses and hope to make what is already a good pub, a great pub. We are already working up plans to buy additional pubs each year for the foreseeable future.
Chris Bickle, Associate Director at Davis Coffer Lyons commented: This is a well-known free of tie and to have secured a premium for a short lease highlights what a fantastic opportunity this pub presents and the appeal of untied leases in the capital. It benefits from a strong student following from the London Business School opposite as well as an extremely affluent catchment and we have no doubt that the new owners will make it a success.
Vic Chhabria is also the Managing Director of Rescorp Residential, a successful boutique estate agency based on Acacia Road in the heart of St Johns Wood. Over the past 7 years, the company has established itself in this highly competitive local market, offering sales, lettings and management of properties.