The boss of North East boutique bowling alley chain Lane7 has sold his final pub to a Lancashire-based company.
The Corner House in Sedgefield has been acquired by Trust Inns for an undisclosed sum, following a nine-month search for new owners. Lane7 founder and owner Tim Wilks put the remaining gastro pub on the market amid moves to focus on the growth of the bowling company, having initially diversified the hospitality enterprise.
He initially launched three venues – The Pickled Parson and The Corner House, both in Sedgefield, and The Fox Hole in Piercebridge – to run as pubs-with-rooms. The Fox Hole was sold off in 2019 and a deal was later struck for the sale of The Pickled Parson. Christie & Co is now searching for a buyer for The Corner House.
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Mr Wilks put it up for sale in February after first buying the pub, which was then called The Black Lion, in 2018. His Lane7 brand has grown significantly over the last nine years, with the Darlington-based business building up a portfolio of 11 sites across the UK after opening its first in Newcastle in 2013.
He said: "We are pleased to have sold the last of our three pubs, as it frees up a good amount of head office resource and allows us to focus on the continued expansion of Lane 7."
The venue has been acquired by Trust Inns, based in Chorley, in a deal overseen by Christie & Co. The firm had a turnover of almost £40m in the 12 months to the end of March 2022.
A spokesman for the company added: "We are delighted to have purchased The Corner House and we are working with an experienced multiple operator to re-position the site on the High Street. We will be undertaking an investment with the initial works completed prior to Christmas.
"This is the ninth pub we’ve acquired through Christie & Co in the last three years and we hope to continue working with them on our expansion trail."
David Cash, director at Christie & Co, said: "It’s a real pleasure to have acted for Tim in the sale of all three of his pubs, two of which I sold to him a few years ago now. We had lots of interest on The Corner House, receiving multiple offers. Despite the challenges the pub sector faces as well as the wider eco-political issues, it is reassuring that demand is still there for the right opportunities."
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