|
|
 |
| |
George Stupart at The Orwell |
On the house... your chance to run pub
Search is on for someone with ambition who can transform fortunes of struggling bar
A LANDLORD is offering to “give his pub away for free” – if he can find the right person to run the Islington bar.
Mosaics of Blondie, Amy Winehouse and David Beckham adorn the walls of The Orwell, in Essex Road. It was bought by George Stupart in May last year and transformed into a dazzling venue for live music and entertainment.
Mr Stupart put his life savings into the pub but he is struggling through the credit crunch.
He believes the business can be a success with the right person behind it, someone who can turn it into a destination for good food. So he has come up with a novel way to ride out the financial storm.
He has reluctantly put The Orwell up for sale, but, in a bid to cling on to his lease, has launched a hunt for an ambitious person who will take over the running costs in return for all the profits.
Mr Stupart said: “We’ll give that pub away for free, but we’ll maintain ownership of the lease. As long as they know what they are doing, I’ll make them a director of my company. But the catch is: once the market settles, they can either buy us out or we can force a sale and give them a percentage. Everything is open to negotiation.”
Mr Stupart, 30, made his money in the housing boom in Australia and ploughed it into The Orwell.
“I’ve been running it for 10 months,” he said. “I was looking to make it a fun venue where we could showcase local musicians and artists. We brought out the original features and got the mosaics done by a local artist, Sally Kendall.”
But he admits business has not been too good recently. “Since January we’ve definitely seen a decline,” he said. “It needs someone who can do food. We’re looking to pass it on because we can’t get a business loan.
“We’d rather pass the place on than run it into the ground.”
The advantage of the deal is that a talented, driven person can take over the business without having the usual collateral needed to run a pub, Mr Stupart said.
He added: “There’s an opportunity for someone with no capital but ambition. If someone doesn’t come forward who’s appropriate, then we’ll try to keep this running.”
Mr Stupart’s ideal solution would be to give the pub to someone else to run, until property prices rise again. But he will consider selling it or bringing in an investor if he can’t find the perfect person. In the meantime, The Orwell is still trading, with plans to bring in two tonnes of sand for a party to celebrate the first day of British summertime. Comedy and music nights are also on the calendar.
If you think you’re the perfect candidate to take over The Orwell, email george.stupart@gmail.com |
 |
|
|
|
| |
| |
|
|
|
