Rooney Anand's RedCat Pub Company gains Lake District foothold
The Great Langdale site has been bought off market for an undisclosed price and the latest in a succession of off-market deals to be brokered in the region by Colliers.
“The hospitality sector in the Lake District has been attracting increasing corporate attention, as indicated by this acquisition of the renowned New Dungeon Ghyll hotel by the recently-formed RedCat Pub Company," says Julian Troup, head of Hotels Agency at Colliers.
“With interest rates remaining low, hotels and pubs in staycation areas such as the Lakes are delivering impressive trading figures and solid returns on investment, and we expect to see continuing corporate and private demand from both overseas and domestic buyers given the growing popularity of UK staycations.”
New Dungeon Ghyll comprises 23 en-suite letting bedrooms, as well as a host of restaurants, bars and lounges.
RedCat secured its first acquisition back in March when it bought 42 pub sites from Yates's and Slug & Lettuce operator Stonegate.
It came after Anand, who was previously chief executive at Greene King, raised £200m from US investment fund Oaktree Capital to invest in Britain’s pub industry, betting on the prospects of a post-pandemic recovery for the sector.
Former New World Trading Company CEO Chris Hill is heading up RedCat Pub Company, with Sharon Badelek, formerly of Novus Leisure, joining as chief financial officer.
RedCat has said its objective is to partner with talented licensees, publicans and entrepreneurs to support the recovery of the pub sector.
