Historic Durham pub acquired with support from Sintons
A historic Durham city centre pub has been been sold, preserving 16 jobs.
The Court Inn, at Court Lane, has been purchased by Imad Ali who holds investments in retail, leisure and real estate and is currently expanding his leisure and retail operations regionally.
The deal was facilitated by Bradley Hall Chartered Surveyors and Estate Agents.
The purchase has been funded by a seven-figure refinancing brokered by BH Financial Service’s Leigh Taylor and facilitated by Lloyds Bank.
Legal advice was provided by Alok Loomba and his team at Sintons, with Glen Martin at Avery Martin and Paul Shields at MHA Tait Walker also advising on the purchase. Debra Swinburn at Evans and Co law firm acted for the vendor.
Imad Ali, director of SSA Global Group, said: “The Court Inn is an outstanding opportunity for us to invest in an such an iconic, local establishment with a great client base and stunning views of Durham Cathedral.
“The Court Inn will remain open, but we have plans to develop the asset and ensure it is modern and efficient. Our vision is to create an exciting, dynamic and stylish late bar and restaurant with a relaxing atmosphere for locals and alike. We are planning on acquiring further sites in the next year all around the North East, with the help of Bradley Hall.”
Peter Bartley, group director at Bradley Hall, added: “The sale of the Court Inn was a significant transaction for the post-lockdown local leisure and hospitality industry. This was the first of its kind and we were delighted to have acted on behalf of Barry Ford (Easington Greyhound Stadium ltd) and to have helped Imad and his company in purchasing this outstanding piece of the local hospitality culture.
“This is a fantastic indicator of market activity and although we have managed a variety of commercial property transactions recently, this is a great step for this specific industry. With the recent announcements regarding the ‘Eat out to help out’ scheme and the VAT cuts for the sector, we are confident that it will be restored to its former glory and possibly to something bigger and better.”