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17 October 2019 | Restaurant Mortgages

Award winning village restaurant with rooms gets new owner

Award-winning restaurant with rooms, The County at Aycliffe is now under new ownership, having been purchased by Michael Parkin, with funding secured by specialist commercial mortgage broker Christie Finance and sold by business agent Christie & Co.

The County is a pub & restaurant with seven en-suite letting rooms, all of which is presented to a very high standard and has earned the coveted TripAdvisor Certificate of Excellence Award four years running, from 2015 to 2018 as well as a number 1 rating on TripAdvisor locally. Located in Aycliffe Village, The County has been recently refurbished with a modern and contemporary menu to complement.

The purchase of The County has enabled first time buyer Michael to fulfil his long-term ambition to become a publican. Having previously held a managerial position at a nearby 5-star hotel and spa, Michael has worked in hospitality since the age of 16 and has a wealth of experience to ensure The County will continue to thrive under his operation. Furthermore, his strong local connections will be more than beneficial as Michael is also the Chairman of the Fishburn Community Centre.

Michael Parkin comments, “From the minute I first stepped foot in The County for a meal with family I knew this was the type of business I wanted to own. The quality of the food was very impressive, the staff were excellent and the décor and atmosphere warm and welcoming. Working with Matt from Christie Finance was an absolute pleasure. He offered excellent advice regarding the current position and using his extensive knowledge of finance in the sector he devised a clear strategy to obtain finance on the best possible terms. Matt continued to provide support at all stages of the process and was always on hand to answer any questions I had. I would like to thank Matt for supporting me throughout the purchase.  Since taking ownership the staff and customers have made me feel extremely welcome and I am looking forward to seeing what the future holds!”

Matthew Gudgeon, Finance Consultant who brokered the deal comments “It has been a pleasure working for Michael and assisting him with his purchase of The County. New entrants to the sector can have trouble obtaining finance, but Michael’s can-do attitude and experience managing in the sector made him a strong applicant. I was pleased to be able to arrange finance on very good terms to allow Michael to complete the acquisition. Michael will be a superb landlord at The County, and I wish him all the best in the future.”

David Cash, Senior Business Agent for Christie & Co, who acted for the seller comments “I knew when taking The County to market, that it would prove popular with buyers. Food, beverage and accommodation income make for a well-rounded and sustainable business and in rural settings such as Aycliffe, this is often crucial to the success of a pub. The demand for licensed premises across the region remains strong and the fact that funding can be sought gives people like Michael a fantastic opportunity to buy their own business.”