Agent optimistic about Suffolk and Essex pubs for sale

The agent responsible for 13 pub sales - that came about after Elizabeth Estates fell into administration in December - says there is "strong interest" in the freeholds of the free-of-tie tenanted establishments. The pubs for sale are available individually or as a group and it's believed they'll produce around £2.5 million.

At the moment the pubs, located in Suffolk and Essex, produce a combined rent of £213,000 and are being sold by GVA Grimley. They form part of a 27-strong chain that includes 14 hotels.

KPMG was appointed administrator for Elizabeth Hotels' 27 sites when the company - one of the East of England's biggest hotel firms - was put into administration. Joint administrator Allan Graham said the company's financial liabilities "made it impossible to continue running the businesses as they stood".

He added: "We will continue to trade the business in the short term whilst a buyer is sought for the hotels and pubs, individually or as a group."

Although only one property, near Hull, had been purchased by the end of 2009, Graham maintains the Humber Crown Hotel sale, coupled with "the level of interest to date", has provided encouragement that further hotel sales are imminent.


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