Newcastle Restaurant and Cocktail Bar Up for Sale Amidst Closure Announcement

Strategic Insights -

The owner of Horticulture on Pilgrim Street and its adjoining cocktail bar El Guapo, as well as its sister site at Whitley Bay, took to social media to announce the permanent closure of all three sites, attributing the decision to a catalogue of challenges. The three venues have been closed for over a month, but property specialist Christie & Co is optimistic about the prospects of selling the sites, with interest from potential operators already expressed. The business is marketing Horticulture in Newcastle and El Guapo for a combined asking price of £75,000, with separate prices of £50,000 for Horticulture and £25,000 for El Guapo. The properties remain fully furnished and complete with trade fixtures and fittings.

Key Takeaways:

  • The owner of Horticulture on Pilgrim Street, El Guapo, and sister site at Whitley Bay announced the permanent closure of all three sites due to a catalogue of challenges.
  • The three venues have been closed for over a month, with property specialist Christie & Co seeking to sell the sites.
  • Christie & Co is marketing Horticulture in Newcastle and El Guapo for a combined asking price of £75,000, with separate prices of £50,000 for Horticulture and £25,000 for El Guapo.
  • The properties remain fully furnished and complete with trade fixtures and fittings, with interest already expressed from potential operators.
  • Regional director of Christie & Co, David Cash, believes the closure presents a "fantastic opportunity" for someone to take on the Newcastle venues, citing the prospect of the city being "the busiest part of the city in months to come".
  • The owner of Horticulture expressed "deep regret and teary eyes" over the closure, describing it as a "bitter pill" that had to be "swallowed".

Statistics:

  • £75,000 – combined asking price for Horticulture in Newcastle and El Guapo
  • £50,000 – asking price for Horticulture
  • £25,000 – asking price for El Guapo
  • 1 – number of months the three venues have been closed
  • 3 – number of sites closed by the owner: Horticulture on Pilgrim Street, El Guapo, and sister site at Whitley Bay

Sources:

  • "Owner of popular bar and restaurant chain breaks down in tears as businesses reveal closure plans". The Newcastle Herald