The Newport Pub Company sells entire estate of 11 pubs for an undisclosed sum

The Newport Pub Company has sold its entire estate of 11 pubs to the newly formed InnDeed Pub group for an undisclosed sum.

The InnDeed Group is the new pub venture from private equity property investors Dawnay Day Principal Investments, the sister investment vehicle to Dawnay Shore Investments, which has a controlling stake in the Paramount Hotel Group.

The pubs are located in Lancashire, Shropshire, Warwickshire, Cheshire, the West Midlands Staffordshire, East Yorkshire, South Yorkshire, County Durham and Derbyshire.

This is the first step for the new company, which plans to buy a number of sites across the UK and establish a high-quality portfolio of tenanted and leased properties.

Property agent, Christie & Co handled the sale, which is due to complete later this month.

Director of corporate pubs, Neil Morgan, said: "The sites are all traditional pubs in urban areas and have been fully refurbished and upgraded within the past three years. We believe this is an excellent first acquisition for InnDeed Group, which will fit comfortably into their new estate, providing an invested income and an ideal platform for further expansion."

Newport Pub Co is now believed to be considering its options, which includes the purchase of further pub properties.

By Emily Manson

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