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22 August 2016 | Pub Mortgages

The Wheatsheaf Pub in Warwickshire changes hands

The leaseholders of The Wheatsheaf in Atherstone, Warwickshire, have recently been assisted with raising funding to purchase the freehold of the business and further develop the business.

Christie Finance, the Award-winning specialist commercial finance broker, was able to help the current leaseholders, Lorraine Cheneler and Adele Murray, source the right funding package in order to make their dreams a reality. They were keen to acquire the freehold of the business after rejuvenating the pub since they acquired the leasehold in mid-2014.

Before Lorraine and Adele, the pub was closed and lost its premises license, so had to undergo a complete refurbishment both to the premises itself and to its reputation in the local community. After nearly two years of trading the business has re-established itself as a quality drinking and eating establishment and Lorraine and Adele decided now was the time to make the business fully their own and take it to the next level.

Stuart Pawelczyk, Associate Director at Christie Finance, advised and supported the clients to find the right funding at a highly competitive rate. The deal did have its challenges for Stuart to overcome; such as the evidence of previous sales performance prior to 2014, the previous period of closure and the high level of local competition, but nonetheless funding was secured with a High Street Lender.

Commenting on the deal, Stuart said, “I’m delighted we’ve secured our clients the freehold of their pub. This funding secures the pubs future and will enable them to grow the business further. Under their ownership and management The Wheatsheaf will continue to grow, succeed and establish itself as the leading destination for food and drink in Atherstone.”