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Marquess Tavern manager Damien Geninqzza with Andrew Thornton from the takeover group |
Cheers! Regulars buy struggling local pub
FIVE regulars took action when their beloved traditional pub was threatened with closure – they decided to buy it!
The friends, Andrew Thornton, James Potts, 38, Nigel Doughty, 39, Damien Brown, 42, and Ben Shaw, 32, didn’t want to see the popular white-painted Regency style Young’s pub, The Marquess Tavern, in Canonbury Street, Canonbury, to be turned into luxury flats. So the group, who are all barristers, raised £175,000 between them.
They dug deep into personal savings, finding between £35-£40,000 each, and even managed to outbid another pub business.
An estimated three pubs are closing in London every day as the recession hits drinkers in the pocket. The enterprising five are now offering advice to community groups and regulars who want to save their local pubs from closure.
Property lawyer Andrew, 37, said they had all been having a beer in the pub one evening last year when they heard that the licensee was being forced to close following poor trading.
“We were mortified,” said Andrew. “This is one of the best real ale pubs around and it was where we all met regularly for a drink.
“One of our group said, ‘We can’t let the pub end up as luxury flats. We’re going to have to see if we can buy it.
“You hear of people buying their local village post office. Why shouldn’t we buy our local pub?”
Andrew added: “We’ve all got good jobs. And we’re prepared to wait a few years to get our investments back.”
Best of all, the pub, which has had a makeover with a new coat of paint and a refurbishment, manages to earn enough through drink and gastrofood sales to pay the salaries of the 18 members of staff.
“We’re not out to personally make a profit out of this,” said Andrew.” We just want to keep the pub in the community.”
The five have formed a company and meet once a week – over a beer in the pub – to discuss the operation. “I won’t be giving up the law,” said Andrew.
“This is just a hobby.” |
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