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13
May
Entrepreneur sells Boroughbridge pub to national chain
A local hospitality entrepreneur who sold one of Boroughbridge’s best known pubs to a national chain has said it "made sense to cash in".
Simon Wade has sold the Tap on the Tutt to Punch Pubs & Co, a fast-growing national group with more than 1,300 pubs in its portfolio.
Through his company, Langthorpe Live Inn Ltd, Mr Wade also owns the Grantham Arms, the Blue Bell at Arkendale, the Fox and Hounds at Langthorpe, and – since last month – the Punch Bowl at Marton-cum-Grafton.
He told the Stray Ferret the sale of the Tap on the Tutt was the result of an “unusual” opportunity:
I sold it for two reasons. Firstly, the cost of running a business have gone through the roof, so things have become very difficult.
And secondly, I was approached by a huge national company that made a very substantial offer and didn’t need to get the finance together, which is quite unusual in this business.
I’ve produced a pub that’s been recognised as being good by a big company, and it made sense to cash in.
Simon Wade
The Tap on the Tutt was previously called the Three Horseshoes, but was renamed by Mr Wade after he bought it in 2023.
In a Facebook post, the pub’s staff wrote:
While this marks a new chapter for us, we want to reassure all of our lovely regulars and new visitors that it’s very much business as usual behind the bar! Nothing’s changing overnight, and we’re here doing what we’ve always done.
Our fantastic team (including familiar faces you know and love!) will still be here, and the atmosphere you enjoy absolutely isn’t going anywhere.
They added that there would be a few minor changes, such as new drink options and using the kitchen for pop-up events.
'There's no strategy'
Although Mr Wade has just bought a pub – the Punch Bowl – and now also just sold one, he said the transactions were not part of a grand plan.
He said:
There’s no strategy. Opportunities come and go. I’ve always got my eye on the ball, and I’m not afraid to take risks when the right opportunity comes along.
It just so happened that of all the pubs on the market at the time, the Punch Bowl was the stand-out one.
No more deals until change of government
But he said there were no more developments in the pipeline – at least not within the current electoral cycle.
He said:
Until this government changes hands, I’m not going any further in this business.
I’ve found a niche. There’s a lot of development to do at the Punch Bowl – with the surrounding land, a cottage and an office suite – and everywhere else is ticking over nicely.
We’ll just keep everything running at the same standards, and then start thinking about the next steps once we have a change of government – if I’m still solvent!
Punch Pubs & Co has been approached for comment.
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