Christie Finance, the specialist commercial finance broker, has secured funding for the acquisition of the Old Scalby Mills Hotel in Scarborough, North Yorkshire. The freehold was successfully purchased by the existing leaseholder Keith Dufton; Mr Dufton had previously been running the pub with his wife Shirlie.
A charming 17th Century former windmill built into the sea wall, the property offers well-presented accommodation including good size owner’s quarters and a patio with views over the bay. The Old Scalby Mills is a popular and well know wet & dry operation.
Paul Ryan, Consultant at Christie Finance, said: "Our clients Keith and Shirlie have used their expertise and passion as landlords to develop The Old Scalby Mills Hotel for many years to make the venue a leading public house experience in the Scarborough area. In what remains a challenging lending environment we were delighted to secure the necessary funds to help them acquire this business."
Mr Dufton confirmed his decision to instruct Christie Finance was a key factor in the success of his proposal: "In a marketplace where pubs are anathema to banks, Christie Finance managed to produce five offers of funding putting me, as the borrower, in the unusual position of being able to pick and choose with their expert advice. Even though they were only contractually obliged to help us until a firm offer of funding was made, they stayed with us and helped guide us right through to the signing of contracts, and I don't think we would have secured the pub without their help."
The Old Scalby Mills was sold for an undisclosed sum by Christie Finance's sister company, national business agents Christie + Co, through their Leeds Office. Martin Stansmore, Associate Director at Christie + Co who handled the sale, comments: "The sale further demonstrates our finding that, even in this more difficult and testing economic climate, there are good-quality buyers with the funds available, looking to secure a wide range of properties and businesses."
For further information on this press release please contact Paul Ryan – 0113 389 2700
paul.ryan@christiefinance.com