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News Archive > General > Popular bar goes on the market

Popular bar goes on the market

By Simon Fernley 25th May 2016

Popular bar goes on the market
The Cribbar in the heart of Newquay

THE future of one of Newquay’s busiest nightspots is uncertain after the premises went up for sale.

JD Wetherspoon has put Lloyds The Cribbar in Gover Lane on the market as part of plans to dispose of 45 of its pubs across the country.

The £2 million venue opened in August 2012, which was formerly occupied by Red Square and Divas.

The Cribbar has gone on to become popular among all age groups throughout the day for its competitively priced food and drink and converts to a night club in the evening.

The surf-themed venue features a dance floor, a beer garden at the front of the premises and a 16-metre long bar, which is one of the longest in the South West.

Wetherspoon spokesman Eddie Gershon stated there would be no job losses as a result of the sale of The Cribbar. The company’s other venue in the town, The Towan Blystra in Cliff Road, has not been put up for sale.

Mr Gershon said: “Wetherspoon has put The Cribbar in Newquay on the market.
“We appreciate that our loyal customers will be disappointed with the decision. Like other companies, Wetherspoon has to take commercial decisions which, while beneficial for the company, might not always be welcomed by customers.

“The pub will remain trading as normal until or if it is sold. There will be no job losses as a result of the announcement.”

The move comes at a time when many of Newquay’s pubs and clubs have closed down in recent years.

JD Wetherspoon has appointed CBRE and Savills to handle the disposal of the 45 pubs.

A spokesperson on behalf of the joint agents commented: “The properties are being considered for sale either individually, in small packages or as a portfolio.

“Of the 45 pubs, 33 are being brought to the market for the first time. The outlets have strong exposure to London and the south with 23 of the 45 outlets located in these regions.

“The portfolio represents an excellent opportunity to acquire high volume businesses with strong food sales in established locations which are fitted to an extremely high standard.  

“We therefore anticipate a broad range of interest from pub, bar and restaurant groups.”
JD Wetherspoon, which owns close to 1,000 pubs, has sold packages of pubs in recent months to operators including Amber Taverns, Brewhouse & Kitchen, Hawthorn Leisure, Stonegate and Urban Pubs & Bars.

By Simon Fernley 25th May 2016

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