North Shields pub for sale

The Magnesia Bank, a popular pub in North Shields, is on the look out for a new owner after being put on the market.

Jarrow Brewery is selling the business through Christie + Co. with a price tag of £375,000 and although the next buyer will be the fourth new owner in two years, the sellers are hopeful that the pub still has a lot to offer a new landlord and the community.

Christie's associate director Mark Worley told the North Shields Chronicle: "Current trade, which is improving rapidly, is entirely drinks-led. However, there is a large and well-equipped catering kitchen which could be utilised to develop a food offering and further improve turnover."

The building itself was first opened as a bank back in the 1850s. During its lifetime it was also operated as a social club before becoming a pub in the 1980s. Jarrow Brewery bought the pub in July 2012 from LT Management Services Ltd who had saved it from administrative receivership.

Several honours for food music and drinks have been handed to the Magnesia Bank over the years, including a spot in the Michelin Eating Out in Pubs Guide and the Guinness Pub of the Year.