New Tenants Announce Kings Arms to Open on 1st September
SCPL has entered into a new lease following the insolvency of our previous tenant Bar and Good Food Ltd (BGFL) and the new tenants have announced that they plan to re-open the Kings Arms Inn on Friday 1st September.
As a consequence of the insolvency process the pub had to close in July. Since then we have been working behind the scenes with our lawyers and the personal guarantors of the previous lease. The result of this is that the personal guarantors have now taken over the lease from BGFL and are responsible for running the pub and fulfilling all the obligations of the lease.
Along the way, the insolvency process has allowed SCPL to purchase at a discount some of the assets previously owned by BGFL, principally the expensive kitchen equipment critical for pub operations. This allows SCPL to have a more complete and attractive offer for current and future leaseholders alike.
Going forward, the guarantors have indicated that they do not intend to operate the business in the long term, but are planning to get the business into good shape before assigning the lease to a future tenant.
In the last few weeks SCPL and the Guarantors have been approached by a number of credible possible future tenants who have recognised the potential of developing the Kings Arms into a food led destination pub and have shown strong interest in taking on the business. SCPL continues to encourage such approaches.
Whilst we are all disappointed at the disruption to the pub and its customers especially in the summer months, we are hopeful we can put this behind us and get the pub back to where it belongs, at the heart of the village.
We thank you for your understanding and patience.