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Assets of in-administration L2 sold

21 October 2010 by
Assets of in-administration L2 sold

The administrator of bar and nightclub firm L2 has sold a package of freehold leisure and retail properties belonging to the business in Cornwall.

The outlets include: the L2 nightclub and Bunters Bar complex, which includes three retail units and two further high street retail units in Truro, and the Corn Exchange bar and nightclub in Camborne.

Property agent Christie + Co brokered the deal on behalf of administrator Grant Thornton.

In May this year, Christie + Co sold the freehold of the L2 nightclub to Cornish leisure company Elm Tree Leisure. This was followed in July by the sale of the Corn Exchange bar and nightclub, Camborne, to pub operator JD Wetherspoon.

Christie + Co has now sold the Bunters Bar complex to Marine Sports and the remaining retail units to Coastal & Country Developments.

Bunters Bar features a bar and restaurant with 100 covers, two open-plan bar areas, a games area, an external courtyard and accommodation comprising three bedrooms.

Marine Sports plans a further capital expenditure programme but otherwise expects to continue to trade the business along the already successful offering.

Jon Clyne from Christie + Co's Exeter office said: "We are delighted to have successfully completed the marketing campaign for these established leisure and retail units to a mixture of national and local operators. All the units generated exceptional levels of interest, with contracts signed and exchanged for the purchase of the Bunters Bar complex within hours of a contract being issued. In what has been an extremely challenging market for just over two years, the disposal of L2 in administration demonstrates that there are still good levels of cash-rich purchasers in the marketplace for realistically priced opportunities."

The asking price for L2's assets once it fell into administration was £3m.

Paul Reilly and Nicolas Thomas join Christie + Co's pubs team >>

Hospitality ownership over the past 25 years >>

Restaurants: the right time to buy? >>

By Neil Gerrard

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