Four pubs sold at auction

Four pubs from the Farlane Property Group have been sold at auction, it has been confirmed.

A total of eight of the company's properties were up for auction at the Allsop event, with prices ranging from £120,000 to £207,000. The four that were eventually sold were The Albion in Plymouth, which went for £15,000; The Lord Napier in the Wirral, which sold for £120,000; The Red Jackle in Tyne & Wear, which was sold for £175,000 and The Lamb and Lion in Somerset, which went for £207,000, exceeding its guide price of between £150,000 and £160,000.

The Farlane Property Group entered administration back in 2010, when it owned a total of 43 pubs. PwC were appointed as the administrators of the business and sold 18 pubs, as well as a golf club and a number of land-lots owned by the business.

But in November 2012, the business was put into liquidation and PwC have continued to dispose of the remaining properties. Until suitable buyers are found, however, the pubs are being managed by specialist property management companies, with tenants still paying any rent and service charges that are due until the sales go through.