Spirit completes the sale of central London pub in deal worth £27m
Is this Britain’s most expensive pub?
Certainly Staffordshire-based pubco Spirit might have reason to think so. It has announced it has completed the disposal of the freehold on the building in a deal worth £27m.
The pub in question is the Black Lion, on Bayswater Road in central London. It has been sold to 123 Bayswater Road Ltd.
Spirit has said it will use the proceeds from the sale to reinvest into its core business. It has also entered into an agreement with 123 Bayswater Road Ltd to continue to run the pub for an agreed period.
In the financial year ended August 17, 2013 the Black Lion generated EBITDA, before the allocation of central overheads, of £0.7m. As at March 1, 2014, the pub had a book value of £7.6m.
The Black Lion has been listed as an ale house since 1704. In 1803 it was used as the registration house for the Paddington Volunteers who were formed to combat the likely invasion of England by Napoleon. During the latter part of the 18th century it was one of many coaching inns, providing relief for travellers and fresh horses to help speed them on their way along the Great West Road towards Bristol and sailing ships bound for the Americas.
Black Lion’s name is assumed to be a heraldic sign mainly related to Queen Philippa of Hainault, wife of Edward III, who also was from Flanders.
