Hydes buys Queen of Hearts in Fallowfield
MANCHESTER brewer Hydes has paid an estimated £1.5m for the popular Queen of Hearts and Cheshire Cat pub complex in the heart of Fallowfield’s student community.
The company has bought the freehold site from pubco Mitchells & Butler, which was advised by agent Colliers. It also contains the derelict former Carroll’s Hotel and a vacant 0.25-acre plot, which could be redeveloped.
Colin Siebert, director of Colliers’ licensed and leisure team in Manchester, said: “After a targeted marketing campaign which attracted interest from both national and local operators, we were pleased to agree a sale to a local company.
“Despite the well-publicised difficulties in the pub industry this is the 14th pub in the North West we have sold this year, with another 25 in legal hands.”
Hydes Brewery currently has around 80 pubs in its portfolio. In the year to March 31, 2010, the company made a pre-tax profit of £1.3m on sales of £23.3m.
