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Wed 28th Aug 2013 - Breaking News - Greene King adds Pierre White site to Old English Inns |
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Greene King adds Marco Pierre White site to Old English estate; adds two more in August: Suffolk-based Greene King has added a former flagship Powder Train pub, the 11-bedroom Chequers in Maresfield, East Sussex – linked to celebrity chef Marco Pierre White - to its expanding 108-strong Old English Inns estate of classic coaching inns. The business went on the market earlier this year at £995,000 after Powder Train went into administration. A four-bedroom coach house to the rear of the property is currently used for staff accommodation but has potential to convert into further letting accommodation. The pub operated under Pierre White’s Wheeler’s of St James’s brand. Greene King has lodged a planning application with Wealden District Council to improve bar and dining facilities at The Chequers. Designers The Creative Group have told planners: “The Chequers Inn has long played an integral role in the social and economic life of Maresfield. These proposals reflect our client’s desire to reinforce the building’s position to residents and visitors and recommend the establishment to others, thereby increasing its importance to the local economy.” They also say the design philosophy is to ‘interfere with the authentic charm that already exists as little as possible but recognises the need for a substantial investment to guarantee its continued commercial viability’. Last week, Propel reported that four out of five freehold pubs owned by Powder Train have been sold by agent Christie + Co. A total of £2.83 million has been realised so far and it is anticipated that final realisations will exceed the initial estimate of £3.28 million. Royal Bank of Scotland has been paid £2.52 million of the money it is owed by Powder Train, with a further distribution of £1.13 million expected, leaving a shortfall of £643,000. Greene King has also acquired the Weld Blundell in Ince Blundell, in Formby, Merseyside, which is currently closed for an extensive refurbishment – it’s a former Orchid pub. The site is set to re-open as Old English Inns site in late September. Greene King also added The Fox in Eastgate Street, Bury St Edmunds to its Old English Inns estate – it re-opened this month after a refurbishment. It will close briefly in the autumn for further refurbishment. Greene King has invested £4.8 million in the past year within its Old English estate improving 190 bedrooms at seven sites. The company stated at its most recent results that it would look to acquire quality single sites to add to its Hungry Horse, Old English Inns and Metropolitan estates – Metropolitan is the name given to its premium, largely London-based, segment that include Realpubs and Capital Pub Company acquisitions.
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