Together and broker save local pub with landlord commercial mortgage

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  • 19/12/2017
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Together and broker save local pub with landlord commercial mortgage
A Yorkshire pub has been saved from closure after a broker rescued the landlord with a commercial mortgage.

Landlord Paul Garner (pictured left) wanted to buy-out The New Albion pub in Wakefield, West Yorkshire from its brewery owner after it pulled out of the area, but was turned down by a mainstream lender because of the complexities of the case.

But Phil Trueman of Reach Commercial Finance introduced the sitting tenant to Together’s regional development director for Yorkshire Barry Dillon (pictured right), who visited the pub.

After a valuation and assessment, Garner was given a £133,250 commercial mortgage, with a term of 20 years at 65% loan to value to fund the buy-out and secure the future of the local pub.

Trueman said: “We worked with Together to make sure we got the best possible outcome for Paul and his son.

“We’re delighted that he can now carry on running The New Albion and wish him well for the future.”

 

Successful pub

Dillon added: “At Together, we have a philosophy of common sense lending and an appetite to fund these kind of landlord takeovers for successful pubs at the heart of their communities, preventing them either being boarded up or flattened.”

The pub is now more popular then ever, according to Garner.

The landlord said: “We’ve always been popular with regulars but since we opened up as a free house, independent of the brewery, we are getting even more people through our doors.

“If we can carry on doing what we are doing well, and with the continued support of our locals, we’ve both got a really bright future ahead of us.

“That’s why I bought the pub, as a nest egg for my little lad when he grows up.”

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