UK-based pub company JD Wetherspoon is reportedly planning to offload its pub portfolio in Ireland for €10m ($10.05m), according to the Irish Times.
The pub company, which entered the Irish market nearly a decade ago, plans to divest its properties in Cork, Waterford, Galway and Carlow.
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The first three properties the company intends to sell are An Geata Arundel on Arundel Square in Waterford; The Linen Weaver on Paul Street in Cork; and The Tullow Gate on Tullow Street in Carlow. Each site is said to have undergone extensive refurbishment.
The fourth property is the former Carbon Night Club, located at 19-21 Eglington Street in Galway.
Although the fourth property is not trading, it has planning permission in place to permit licensed premises and restaurant use.
JD Wetherspoon has hired Savills and CBRE to sell the pubs, with the portfolio being offered for sale in one lot or separate lots.
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By GlobalDataSavills official Stephen McCarthy told the Irish Independent that the sale presents a “rare opportunity” for potential buyers to acquire landmark Irish properties.
McCarthy added: “We anticipate the portfolio will appeal to a broad cross-section of hospitality groups seeking to scale their existing operation and benefit from the extensive investment, which has already been committed to these assets.”
On 14 September 2023, JD Wetherspoon reduced food and drink prices by 7.5% across all its outlets for one day to highlight the benefit of a permanent VAT reduction in the hospitality industry.
