London-based tenanted and managed pub company, Red Oak Taverns, has purchased 146 tenanted sites from the liquidation of GRS group.
The deal sees the company’s pub estate – which was founded in 2011 with the acquisition of 32 pubs from Robert Tchengquiz’s R&L Properties pub group and is led by Aaron Brown and Mark Grunnell – grow to 170 sites.
The purchased pubs are located throughout England and Wales according to Christie + Co who oversaw the deal. They are mostly let on free-of-tie leases, with the majority being freehold.
Christie + Co has been advising the liquidators, PwC, and Ted Kennedy’s Pebble Solutions since 2011 when the GRS Estate consisted of 463 pubs. Over the past three years Christie + Co has sold off over 300 of the assets individually, mostly for continued licensed use.
Noel Moffitt, Director at Christie + Co said: 'The sale underpins the resurgence in market sentiment towards the tenanted pub sector, where buyers are seeing potential in the pubs and their tenants.
'Having originally sold Red Oak their first package of 32 pubs in 2011, we are delighted to see their growth continue through their positive approach and investment in the estate, and congratulate them on another excellent acquisition.'