fixtures and fittings, should someone wish to continue with the current use. Alternatively it can be sold as a development opportunity and could feasibly be turned into residential accommodation, or a bed and breakfast business. Ample parking, et cetera.’
‘The pub was owned by the licensee himself? Not by a brewery or a pub company?’
‘No, Mr Wharton owned the pub outright. Or rather …’
Fry looked at him. ‘What?’
‘Let me consult the file.’
‘Please do.’
After a moment, Pilkington seemed to find the form he was looking for.
‘Yes, here we are. There’s quite a substantial charge against the property. Mmm. Yes, quite substantial. Mr and Mrs Wharton committed themselves to a large refinancing package, with the property as security. It seems they defaulted on payments to the financial institution involved. That’s very unfortunate. It should never have been allowed to get to that stage. I suspect Mr Wharton must have received some bad advice.’
‘So it belongs to the bank?’
‘Well … mostly to the creditors, yes. It seems the Whartons were obliged to sell when the incomings no longer matched the outgoings.’
‘Theywent bust.’
‘It’s rather a crude term. More of a tabloid journalist’s expression.’
‘But still …?’
‘That’s the gist of it, yes,’ admitted Pilkington.
‘And now it’s a dead duck. Who would buy a failed pub?’
‘It’s an opportunity to regenerate an underperforming business,’ said Pilkington stiffly. ‘An adjustment of the food and drink split, a shift to a more dry-led trading model. The potential incomings—’
‘Save it,’ said Fry.
‘It could be a unique destination food house. We expect to get a good price at auction.’
Fry looked at Pilkington as if she was going to hit him. Cooper was more reluctant to upset anyone in the property business. You never knew how word might get around in a place like Edendale. But Fry didn’t care, clearly. She had no intention of ever buying property in this area. She’d never made any secret of it. Property ownership meant roots. It certainly involved financial ties. All the things Diane Fry didn’t want.
‘This is a landmark property, freehold and free of tie, with function room and guest accommodation. It ought to be an easy sell.’ Pilkington looked faintly apologetic at his use of the phrase. ‘Well, that’s what my son says. A full commercial kitchen, with glass wash and preparation room. Three-bedroom self-contained owner’s accommodation, with four en suite guest bedrooms. Goodwill, plus stock at valuation.’
Cooper recalled reading in the local newspaper that the freehold for another famous landmark inn in the Peak District had sold recently for one and a half million pounds. Who would have that kind of money available to rescue the Light House from its fate?
Pilkingtoneyed Fry nervously as she walked away. Then he turned to Cooper as if to share a confidence.
‘To be honest, the turnover doesn’t look too good on paper,’ he said. ‘We’re advised by our clients that business was more than acceptable a few years ago, but it began to decline. Potential buyers don’t like to see a downturn on gross profits when they examine the financial records.’
‘No, of course.’
‘There were particular problems here, though.’
‘Oh, were there?’
‘Well, for example – a lot of businesses in the hospitality sector rely on making a profit over the holiday period. It can compensate for flat trading during the rest of the year. But the Light House had developed the practice of closing over Christmas. You can understand it on a personal level, I suppose. We all like to spend time with our families. But from a business point of view, it didn’t help the bottom line at all.’
A scatter of soot on the wind and the acrid smell of burning heather reminded them that a wildfire was burning on the moor not too far away.
‘They need to put that fire out,’ said Pilkington
‘The pub was owned by the licensee himself? Not by a brewery or a pub company?’
‘No, Mr Wharton owned the pub outright. Or rather …’
Fry looked at him. ‘What?’
‘Let me consult the file.’
‘Please do.’
After a moment, Pilkington seemed to find the form he was looking for.
‘Yes, here we are. There’s quite a substantial charge against the property. Mmm. Yes, quite substantial. Mr and Mrs Wharton committed themselves to a large refinancing package, with the property as security. It seems they defaulted on payments to the financial institution involved. That’s very unfortunate. It should never have been allowed to get to that stage. I suspect Mr Wharton must have received some bad advice.’
‘So it belongs to the bank?’
‘Well … mostly to the creditors, yes. It seems the Whartons were obliged to sell when the incomings no longer matched the outgoings.’
‘Theywent bust.’
‘It’s rather a crude term. More of a tabloid journalist’s expression.’
‘But still …?’
‘That’s the gist of it, yes,’ admitted Pilkington.
‘And now it’s a dead duck. Who would buy a failed pub?’
‘It’s an opportunity to regenerate an underperforming business,’ said Pilkington stiffly. ‘An adjustment of the food and drink split, a shift to a more dry-led trading model. The potential incomings—’
‘Save it,’ said Fry.
‘It could be a unique destination food house. We expect to get a good price at auction.’
Fry looked at Pilkington as if she was going to hit him. Cooper was more reluctant to upset anyone in the property business. You never knew how word might get around in a place like Edendale. But Fry didn’t care, clearly. She had no intention of ever buying property in this area. She’d never made any secret of it. Property ownership meant roots. It certainly involved financial ties. All the things Diane Fry didn’t want.
‘This is a landmark property, freehold and free of tie, with function room and guest accommodation. It ought to be an easy sell.’ Pilkington looked faintly apologetic at his use of the phrase. ‘Well, that’s what my son says. A full commercial kitchen, with glass wash and preparation room. Three-bedroom self-contained owner’s accommodation, with four en suite guest bedrooms. Goodwill, plus stock at valuation.’
Cooper recalled reading in the local newspaper that the freehold for another famous landmark inn in the Peak District had sold recently for one and a half million pounds. Who would have that kind of money available to rescue the Light House from its fate?
Pilkingtoneyed Fry nervously as she walked away. Then he turned to Cooper as if to share a confidence.
‘To be honest, the turnover doesn’t look too good on paper,’ he said. ‘We’re advised by our clients that business was more than acceptable a few years ago, but it began to decline. Potential buyers don’t like to see a downturn on gross profits when they examine the financial records.’
‘No, of course.’
‘There were particular problems here, though.’
‘Oh, were there?’
‘Well, for example – a lot of businesses in the hospitality sector rely on making a profit over the holiday period. It can compensate for flat trading during the rest of the year. But the Light House had developed the practice of closing over Christmas. You can understand it on a personal level, I suppose. We all like to spend time with our families. But from a business point of view, it didn’t help the bottom line at all.’
A scatter of soot on the wind and the acrid smell of burning heather reminded them that a wildfire was burning on the moor not too far away.
‘They need to put that fire out,’ said Pilkington
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