Newcastle Restaurant and Cocktail Bar Up for Sale Amid Ongoing Challenges

Strategic Insights -

A popular city centre restaurant and cocktail bar in Anewcastle are being sold by their owner, who called time on the business amid a catalogue of challenges, citing difficulties beyond their control. The owner of Horticulture on Pilgrim Street, its adjoining cocktail bar El Guapo, and sister site at Whitley Bay Horticulture Coastal announced the permanent closure of all three sites earlier this month. The businesses have been closed for over a month, but property specialists Christie & Co believe that at least one of the sites will attract new interest, having already received expressions of interest from potential operators.

Key Takeaways:

  • The owner of Horticulture, El Guapo, and Horticulture Coastal has put the three venues up for sale following permanent closure due to "challenging circumstances beyond our control".
  • The business is marketing Horticulture in Newcastle and El Guapo, with an asking price of £75,000 for the pair, £50,000 for Horticulture, and £25,000 for El Guapo.
  • Both units are fully furnished and complete with trade fixtures and fittings.
  • Regional director David Cash from Christie & Co has confirmed interest from businesses keen to take on the Newcastle venues, citing the area as "the busiest part of the city in months to come".
  • The interest in the venues has already been generated, with access to the premises being provided from the week commencing 19th May.
  • According to the owner's statement, the business encountered several challenging circumstances that led to the closure of the venues.
  • The owner described the closure as a "bitter pill frustratingly we must swallow" and stated it was a "devastating" decision.

Statistics:

  • The asking price for Horticulture and El Guapo is £75,000, with Horticulture being £50,000 and El Guapo £25,000.
  • The two venues have been closed for over a month.
  • The National Bank of England predicts that "footfall on the street massively" will increase due to the redevelopment of Stack, Gotham Hotel, and the HMRC office building.

Sources:

  • Christie & Co: property specialist marketing the venues for sale.
  • The owner of Horticulture, El Guapo, and Horticulture Coastal: cited as taking to social media to announce the permanent closure of the three venues.
  • Regional Director David Cash: confirmed by Christie & Co as having received interest in the Newcastle venues.