A deal has been reached but the pub still needs £500K to seal the deal
Last week, we reported that the Queen of the South (QOTS) pub was facing closure after the unexpected sale of its freehold. The pub, a vibrant hub for music, food, and culture since opening just two years ago, was sold to Young & Co.’s Brewery, the operating group behind Young’s pub chain.
In a turn of events driven by public pressure and community support, pub CEO Clement Ogbonnaya announced on social media that an agreement has been reached. This will keep the venue open.
Under the deal, QOTS will purchase the freehold outright from Young’s. They will also acquire Young’s 50% stake in the company holding the lease and clear all outstanding loans. This marks a significant win for both the owners and the local community who rallied to save the space.
However, the fight isn’t over yet. QOTS must now raise £500,000 to complete the purchase so are therefore looking for investors. In return, a share of the freehold equity and the venue’s operating profits are on offer.
The pub will host an Investor Dinner and drinks event on Thursday, 21 August at 7PM. Tickets are available via the QOTS website.
Key Information
Address | 367 Norwood Rd, Norwood, London SE27 9BQ
For more information | @qotspub
