Led by Partner Rupert Thomas, Gordon Dadds’ Cardiff commercial real estate team acted for longstanding client Bevan Holdings Limited in the sale of Chapel 1877 to The City Pub Company as a going concern.
The popular bar and restaurant is housed in a gothic chapel in Cardiff’s city centre, and now joins The City Pub Group’s portfolio of 42 pubs across the south of England and Wales.
GVA’s Cardiff office introduced the buyer. John Coggins, associate director at GVA, said: “On behalf of the vendor, we received multiple expressions of interest for the business, a reflection of Chapel 1877’s appeal within the city. We were delighted to have completed on the confidential sale in a matter of weeks with excellent assistance from Gordon Dadds solicitors.”
Gordon Dadds Partner Rupert Thomas said: “I am delighted for our clients that we managed to conclude the sale within a fairly tight timeframe and on terms that matched expectations. The transaction presented a few challenges concerning issues such as capital allowances, the VAT status (and listed status) of the building, supplier contracts, employees and service providers. All were successfully negotiated.
“I have had a relationship with the clients for 25 years and confess to questioning their wisdom when they bought the run-down building a decade ago. They obtained necessary consents and eventually did a fantastic job in putting a landmark building back into a beneficial use. In 5 years of trading from a standing start, they created a hugely successful business, and the sale is testimony to their imagination and hard work.
“The Chapel is just around the corner from our Charles Street office, and in fact we booked the basement suite for our inaugural Welcome Reception Evening earlier this year, shortly after Thomas Simon merged with Gordon Dadds. We wish both the staff and the new owners all the best for the future.”