Clog and Billycock pub site sold to real estate investor

A highly regarded gastro pub was purchased by a real estate investor for an undisclosed cash sum.

The Clog and Billycock in Pleeasington has been sold to the Zedex group, whose founder and CEO, Ziafat Ali, pledges to invest an additional £ 10million in other projects across Lancashire.

The Zedex Group, which has a portfolio of commercial and residential properties throughout the county, has purchased the land that houses the Clog and Billycock, but reassured customers that no changes will be made to the current operation of the pub and restaurant.

The upscale pub chain Brunning and Price bought the gastropub business in 2018 along with several others from Ribble Valley Inns, the company linked to celebrity Lancashire chef Nigel Haworth and Michelin starred restaurant Northcote in Langho.

Mr. Ali said: “This property has generated a lot of interest and we are extremely pleased to have added it to Zedex’s growing portfolio.

“The restaurant is in a prime location and trades particularly well.

“The property was always going to attract a lot of interest and it was important that we were well prepared and ready to act decisively and quickly.

A spokesperson for Brunning and Price said: “We are delighted to say that there will be no changes to our lovely pub, which we have recently invested in.

“This is simply a free change of ownership of the building we are leasing.”

East Lancashire law firm Forbes Solicitors advised the purchase of the land.

Mr. Ali said: “Forbes Solicitors provided timely legal expertise and excellent knowledge of the local market.

“This has been important in helping us move forward quickly and confidently to secure the type of property we want to invest more in, as we expand and diversify our real estate portfolio. ”

The one-acre Clog and Billycock site becomes the first restaurant in the Zedex group’s portfolio, which also includes industrial assets, offices, retail and social housing.

Existing leases for The Clog and Billycock will be honored as part of the purchase of the property, with the restaurant’s business unaffected by the change in ownership of the property.

Mr. Ali added: “This real estate purchase is representative of the types of investments that we are considering in the region.

“The popularity and success of the existing restaurant, a business backed by a strong alliance and one of Lancashire’s most prestigious residential locations, make it an investment with long-term sustainable potential.

“The Zedex Group has grown steadily in recent years, and we will continue to improve our resilience and performance by expanding the sectors and locations in which we invest. ”

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