Raising a glass to a pub’s bright future

We provided landlord Paul Garner with a £133,250 commercial mortgage to buy out his pub’s brewery owners, and secure its long-term future.

The challenge

The landlord of The New Albion pub in Wakefield has major plans to build up his already-successful business so that his two-year-old son can take over when he grows up. However, the publican feared his long-term plan to take over the business had been sunk after he approached a mainstream bank for funding to buy it from the brewery, but was refused the finance he needed because of the complexities of the case.

The solution

A mortgage broker introduced Mr Garner to Together’s regional development director in Yorkshire, who visited the pub and, following a valuation and a careful assessment of the case, agreed a commercial mortgage of £133,250 with a term of 20 years at 65% loan-to-value to fund the takeover.

Picture of two men smiling, clinking a pint of beer outside a pub.