Historic pub goes on market
Published Date:
03 October 2008
AN HISTORIC pub in Rudgwick is on the market at a reduced price as the licensed trade struggles in the economic downturn.
In June the rent was cut by nearly a third at The King's Head to help support the business in the struggling economic climate.
Landlord Giuseppe Mele, aged 64, who has worked in the industry for 40 years, said: "We are all having a difficult time. The situation is very, very simple.
"Things haven't been good with us since the smoking ban because we relied a lot on the drinking trade – 70 per cent was drinking and 30 per cent was food.
"And because of the recession, because it is difficult to borrow money, people are worried about spending."
The leasehold premises is owned by the giant pub company Enterprise Inns, based in Birmingham.
It agreed to reduce the rent from £31,000 to £23,000. Meanwhile the lease premium was also cut to £75,000 from £115,000 to encourage a quick sale.
The picturesque 13th century pub is set in the heart of the village, overlooking the churchyard.
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Last Updated:
03 October 2008 12:41 PM
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Source:
n/a
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Location:
Horsham