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Gillespies and the True Briton pubs still unsold after five years on market in Folkestone

09:20, 06 July 2017

Two adjoining pubs overlooking Folkestone harbour remain unsold, after being on the market for five years.

Gillespies and the True Briton, in Harbour Street, are listed for sale for £545,000 and £495,000 respectively, having originally been put up for sale for a higher price in 2012.

London-based estate agents Christie and Co are marketing the pubs as prominent sites with fine views.

The properties were originally listed for a total asking price of £1.3 million.

The True Briton was established in 1741 as The Cock Inn, thought to be named because many local inns used to stage cock fights.

It fitted between the Harbour Inn and the London and Paris, which became Gillespie’s.

In its Gillespies advertisement the agent says: “Gillespie’s is a well known and popular venue within the town, serving a local and loyal customer base together with tourist and seasonal trade.

“There is a large fully equipped bar and servery, together with an integral sound system and a screen entertainment system. The basement area offers a multi section cellar with cold stores and storage areas.”

The True Briton is described as an “attractive” pub offering a “unique opportunity” with food sales increasing “dramatically”.

Its advert says: “The True Briton is an attractive pub and restaurant that hosts live music nights. It is prominently located for passing trade.

“Food sales have increased dramatically over the last 12-18 months, with further opportunity for expansion and growth.

“The True Briton is a unique opportunity, offering a new owner the chance to acquire a prominent public house in a tourist location.”

It cites Gillespies’ annual turnover in the region of £350,000 generating a net profit of £86,000.

The True Briton is marked up as having an annual turnover of £350,000 generating a net profit of £65,000.

Gillespies includes three large flats, the True Briton comes complete with one “state-of-the-art” studio with a glass staircase leading to the living area and bedroom.

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