The director of rock and roll themed cocktail chain Kuckoo, Chris Powell, has acquired three North West bars from leisure property specialists Fleurets, on behalf of Star Pubs & Bars.
The three sites, which were all already being rented by Powell, are the Kuckoo branches in Preston and Knutsford and the Fox & Grapes which is also in Preston.
Although sales prices for the property were not disclosed, the three bars were marketed off guide prices of £225,000, £400,000 and £140,000 respectively.
The freeholds for these properties were openly marketed and received strong interest, so it was good news for the existing tenant that he was able to successfully beat off the competition.
Powell said: “Following the completion of the sale, we can now look forward to a period where we can fulfill our ambitious plans to renovate and enhance the buildings, particularly Kuckoo Preston, to the same high standards as Kuckoo Knutsford and our other cocktail bars in Chester and Sheffield.”
Tim Martin of Fleurets added, “I am pleased for Chris as commercially it makes a lot of sense for him, freeing him from his rental liability.
“It is always pleasing to sell a pub to an existing tenant, knowing the business is in safe hands that not only know the business inside out, but also cherish it.”