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20 August 2015 | Pub Mortgages

The Grove Pub in Battersea changes hands

The Grove Pub near Battersea Park has changed ownership, with finance for the deal arranged by specialist commercial finance broker, Christie Finance.

The pub is well located near to Battersea Park and the new property development currently underway at Battersea Power Station. Benefiting from a large bar area and garden, The Grove Pub is a prime opportunity for redevelopment, repositioning and expansion of facilities.

Jim Banks was looking to acquire a second London pub to repeat the success that he achieved with his first pub, the Lord Nelson in Southwark.

Finance Consultant Matthew Kavanagh assisted Jim to arrange the specialist funding for the leasehold acquisition plus additional finance to refurbish the property. Jim was presented with a competitive solution from a business lending team at a High Street Bank, which delivered funding for 150% of the purchase price.

Matthew commented: “I am delighted that we were able to secure the funding to enable our client to acquire The Grove Pub, plus arrange the supplementary funding to support our clients plans for the business. The pub is in a prime location and with Jim’s expertise I am sure the business will flourish.”

He comments further: “We are currently seeing a positive trend in banks appetite to lend to experienced operators that have successfully traded through the recession, and have considerable experience in the sector.

The sale of the pub was handled by specialist property adviser Christie + Co.