Rent raise forces pub to market

A pub has been forced onto the market due to an increase in rent costs, it has been revealed.

Teague's Bar, in Gloucester, is to be sold for around £250,000 after the owner Punch Taverns raised rent by ten per cent. The owners also refused to sell the landlord the building, leaving him no option but to allow them to sell the pub on the market.

Gary Teague, who has had nine years at the pub, explained that Punch is refusing to sell the freehold because the pub is part of its “core estate”. Instead, they are selling the leasehold for £249,500, with a current rent of around £45,000 due to Punch itself.

Mr Teague told This is Gloucestershire: “It's sad, there's nothing more we'd like to do than stay here forever.”

A number of pubs in the area have had to be closed down or sold due to rising rental prices and a decline in customer numbers. It appears that the problem is coming from pub owners forcing up rent demands, despite the ongoing drop in trade.

There has also been a recent trend towards more people drinking at home in a bid to take advantage of cheap supermarket alcohol prices and save money.