HINCKLEY PUBS UP FOR OFFER.

Once upon a time, Hinckley had lots of pubs, almost all owned and run by the Marston's brewery.

 

A few months ago, and quite out of the blue, the brewery placed one of these, "The Railway Hotel", up for sale and that one has now been bought by a small independent Leicestershire brewery. In the last 2 days, 2 more Marston's houses have also appeared on the market, 'The Prince of Wales' and 'The Greyhound'. Both are offered freehold and free of all ties, making them potentially attractive investments at the right price.

 

'The Greyhound' is an old pub not far from the town centre and with a reasonable trade; sadly and for no reason known to anyone in the locality, Marston's has steadfastly refused to maintain it in any sort of decent condition. The exterior is tatty, the carpets need urgent replacement and the exposed floor tiles either need attention or covering up. It's general decoration is poor to say the least and although there is a kitchen, it's reportedly in an unusable state; the rather pokey gents' toilet is not exactly top quality. A large back room which has been used for musical and other events, is mostly empty and in need of attention. The drains frequently produce foul smells and it has no customer parking. The private accommodation has variously been said to be anywhere between disgusting and bearable. Marston's are expecting £265,000 (plus VAT) for this property which needs at least £50,000 spent on it to make it into a decent pub and quite possibly a lot more depending on its structural condition.

 

Conversely, 'The Prince of Wales', which is further from the centre though not by very much, is a more modern building and seems to have been well maintained. The bar and bar areas are much bigger than in 'The Greyhound' and it has a separate and well furnished function room. The general furnishings and decoration are good; the toilets are large and clean. It has a decent and usable commercial kitchen and parking for 20 or so cars; there's a good-sized outside area with a number of tables and chairs. I have no knowledge of the prvate accommodation but there's no reason to believe that it's in a different condition from the rest of the pub. Overall, this is a much nicer, smarter and cleaner pub than 'The Greyhound', and doesn't seem to need much if any further investment. Marston's are looking for £295,000 (plus VAT).

 

I can easily see the price for 'The Prince of Wales' being paid, indeed, I would if I had the money to hand, but why anyone would pay the asking price, or anywhere near it, for 'The Greyhound' defeats me. Time will tell whether or not I'm right.