Valuation of pub to assist with community led takeover
We have recently provided valuation advice to assist a community led initiative in purchasing The Prince of Wales, Foxfield – a popular pub that was due to close.
The Prince of Wales is located in Foxfield a small village on the west coast of Cumbria and is currently run by a couple who have operated the pub for 21 years who have now decided to retire.
The pub is well known in the local area and among real ale enthusiasts as it prides itself on its ever-changing selection of beers, including a range from the connected Foxfield brewery.
A small steering group has been set up to create a cooperative where members of the community can buy shares in order to help keep the pub alive and they have also received backing from The Plunkett Foundation, a charitable organisation which specialises in community led schemes.
Lawrence Pinder, valuer in our Manchester team completed the valuation and commented, “A member of the steering committee approached us knowing that as a firm we had the expertise to provide them with valuation advice. As soon as we heard that the project was to be community driven and in part funded by a charitable organisation we offered to complete the work on a ‘pro bono’ basis.”
“It’s a really interesting project and it’s great to think that we have played a small part in trying to save a well-loved pub from closure and I wish them all the very best of luck!”
To find out more about the pub and the community project please click here.