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02 January 2020 | Pub Mortgages

Funding obtained to help current landlords purchase the freehold of renowned local pub

Specialist commercial finance broker, Christie Finance, has helped secure funding for tenants of The Crown, Market Drayton, to acquire the freehold property, which they have been operating since January this year.

This listed building in the heart of Market Drayton was once the towns old coaching house and has thrived throughout the years serving as not only a pub but a restaurant too, creating a family-friendly environment for everyone passing through the town. It has seen this increase in trade especially in the last year with current tenants and there is opportunity to develop this business further.

New owner Julie Corlett has been the land lady at this pub for the last 11 months and when the opportunity to purchase the pub came about, Ms Corlett welcomed the venture. This was a Marston’s disposal and the nature of the sale was fast as the seller had imposed time restraints, but this did not hinder the deal being effectively handled. Julie’s endeavour has been supported by her partner Mark Sawyer, who also works at the pub, where they are truly excited to have the chance to refresh the facilities and develop the food, offering to increase the pubs potential.
 
Ms Corlett comments, “Lawrence took the time to listen to what we have done with the pub since we managed it from January and put us at ease, in what was a very stressful time, due to time restraints imposed by the seller. Lawrence assured us that there was a solution out there in the market and confirmed that he would support us along the way of obtaining finance.

Lawrence’s support from start to finish was not expected, largely due to us being first time buyers and not having any experiences of using a broker. Not only did Lawrence source the funding for us but he helped in managing the vendors expectations for completion, introduced us to a fantastic accountancy firm and finally sanctioning the funds required from a reputable high street bank on great terms.

We are so happy that we now own The Crown and are so grateful to Lawrence for everything he has done, we would highly recommend him to any first-time buyers, whether they have experience in the sector or not.”
Lawrence Roberts,  Finance Consultant of Christie Finance comments, “After making contact with Julie, it was evident that they wanted to secure the business, due to the hard work and funds that have been invested into the business, which has significantly improved trade. Due to the nature of the transaction it was key to act quickly and it was a pleasure to work with Julie and Mark as they were quick to respond and they had already shown their worth as a credible buyer, based on how they have traded the business since January. I was able to secure a competitive deal for them, using my network of lenders and as a result, means that they have enough cashflow to make The Crown the place to visit in Market Drayton for a pint or something to eat in a friendly, family atmosphere.

I wish Julie and Mark all the best for the future and look forward to seeing them soon for a drink to celebrate!”