Press Releases
Gastro Pubs Ltd acquires a second Suffolk freehouse, The Compasses in Stansfield
Gastro Pubs Ltd, which owns the De La Pole Arms in Wingfield, has acquired a second Suffolk freehouse, having purchased The Compasses in Stansfield, near Sudbury, from its owner Scott Chapman.
The Ipswich office of leading licensed property agents, Christie + Co, was delighted to handle the freehold sale of The Compasses for the second time in two years, having sold the business to Mr Chapman in August 2005. Funding for the purchase was secured Christie Finance, the independent mortgage brokers.
A traditional freehouse built on the old wool route between Clare and Bury St Edmunds in the 17th Century, The Compasses is located on the outskirts of the village of Stansfield, enjoying fine views over the beautiful West Suffolk countryside. Despite its rural location, the business draws trade from the market towns of Sudbury and Bury St Edmunds and the world famous racing town of Newmarket, all within a 12 mile radius.
The two storey detached character property briefly comprises a main bar, 30-cover dining room, two-bedroom owner’s accommodation, beer garden, 20-cover patio and car park.
During his ownership Scott Chapman has sympathetically refurbished the property, added a new dining room and extended and equipped the trade kitchen. The current division of trade is approximately 60% bar to 40% catering.
Bill Colquhoun, director of Christie + Co’s Ipswich office, comments: “The Compasses is an ideal second freehouse acquisition for its new owner, Gastro Pubs Ltd. Managing Director Stephen Hutton set up the company because he is passionate about food, wine, ales and good service. He believes strongly in local pubs serving good food, and not in local pubs turned into restaurants that alienate the locals. His vision is to develop a freehold pub estate that conforms to the same set of core values; seasonal menus, local ingredients and attentive and knowledgeable staff. We wish Mr Hutton every success at The Compasses and with expanding Gastro Pubs Ltd.”
“Gastro Pubs came to Christie Finance with ambitious growth plans for the future and we are delighted to of been able to secure the required finance to acquire their second freehouse,” add Nick Baker of Christie Finance. “We managed to identify precisely the needs of Gastro Pubs Ltd and provide an intelligent funding solution in order to support them now and in the future and wish them all the best for the future.”
The Compasses has been sold of an undisclosed figure after £365,000 was sought for the freehold interest.
For further information, please contact Bill Colquhoun of Christie + Co or Nick Baker of Christie Finance in the Ipswich office of Tel: 01473 256588
Our Ref: Ips752
