Licensed property news: Pubs taking advantage of growing demand for fine dining

By: Paramount-Magazine  Published Date: 19 Oct 2011 14:32

Investors looking to buy a pub and cash in on the enduring strength of the UK hospitality sector are likely to be noting with interest the steady movement towards fine dining in the nation's licensed premises.

Over recent years, the traditional pub model has been, in many places, replaced by the so-called gastro-pub model as landlords recognise the potential benefits of offering good food alongside a friendly welcome and a good pint.

Now, it appears that many establishments are looking to go the extra mile, aiming for the very top of the hospitality market and the financial returns this can generate.

Just this month, the Hand and Flowers in Buckinghamshire became the first pub in Britain to be awarded two Michelin stars, the coveted award for fine dining.

Notably, despite having a world-class chef at work in the kitchen, the historic establishment is still very much a traditional village pub, offering a range of ales on tap and an open fire place.

What's more, the award-winning fare is also affordable, illustrating that investors buying a pub and looking to take advantage of the growing demand for high-quality food needn't go too far away from the traditional model of an English-style pub.

Commenting, Michelin Guide editor Rebecca Burr explained that, while pubs selling just booze may be struggling, those also offering their customers good food tend to be doing well, something that her team see on a daily basis.

She added: "We have inspectors coming back to the office saying 'What recession?'. Many places are thriving."

At the same time, three other pubs in England also won stars in this latest round of Michelin Awards, meaning 13 licensed premises have the world-famous accolade, alongside the 550 establishments listed in its collection of UK guides.

Given that many breweries are closing down and many traditional pubs are struggling for business as consumers continue to keep discretionary spending to a minimum, this could prompt many individual landlords, as well as some pub companies, to diversify into the fine-dining sector over the coming months and years.

Meanwhile, up in Yorkshire, it has been announced that the redevelopment of the former Tetley's brewery in Leeds could take more than ten years to complete.

According to the Yorkshire Evening Post, while the city council has given the green light to plans to revamp the historic site, it could be at least a decade before the building is fully transformed into a mix of new residential and commercial properties.

via paramountmagazine.co.uk

Posted via email from UK Pubs For Sale And Development