The historic Durham city centre pub The Court Inn has become the first leisure sale since lockdown for the city, providing positive sentiment and retaining 16 jobs within this struggling sector.
The Court Inn, at Court Lane, Durham, has been purchased as part of a seven figure investment by local property entrepreneur Imad Ali who currently holds investments in retail, leisure and real estate, and is expanding his leisure and retail operations regionally.
The transaction, which was facilitated by Bradley Hall Chartered Surveyors and Estate Agents, has provided locals with further confidence in the local hospitality sector.
Imad Ali, Director of SSA Global Group, said: “The Court Inn is an outstanding opportunity for us to invest in an such an iconic, local establishment with a great client base and stunning views of Durham Cathedral.
“The Court-Inn will remain open, but we have plans to develop the asset and ensure it is modern and efficient. Our vision is to create an exciting, dynamic and stylish late bar and restaurant with a relaxing atmosphere for locals and alike. We are planning on acquiring further sites in the next year all around the North East, with the help of Bradley Hall.
“Bradley Hall played a key role in the sale. During such an unprecedented time for our industry and economy it was important that we had experienced representatives acting on behalf of the vendor, I don’t think this deal would have happened without their expertise and knowledge throughout.
“We were delighted to have funded the purchase thanks to the seven figure refinancing brokered by BH Financial Service’s Leigh Taylor and facilitated by Lloyds Bank, as well as the legal process being overseen by Alok Loomba and his team at Sintons Law Firm who were supported by Glen Martin at Avery Martin and Paul Shields at MHA Tait Walker who also advised on the purchase”.
Peter Bartley, group director at Bradley Hall said; “The sale of the Court Inn was a significant transaction for the post-lockdown local leisure and hospitality industry. This was the first of its kind and we were delighted to have acted on behalf of Barry Ford (Easington Greyhound Stadium ltd) and to have helped Imad and his company in purchasing this outstanding piece of the local hospitality culture. Debra Swinburn at Evans and Co law firm acted for thee vendor and were a great help in what turned out to be quite a complicated transaction.
“This is a fantastic indicator of market activity and although we have managed a variety of commercial property transactions recently, this is a great step for this specific industry. With the recent announcements regarding the ‘Eat out to help out’ scheme and the VAT cuts for the sector, we are confident that it will be restored to its former glory and possibly to something bigger and better.”