Disposal of Rileys snooker hall portfolio
August 14, 2011
CCL has acted on behalf of Essenden Plc in the sale of a portfolio of Rileys snooker halls throughout the UK. The five sites comprise existing Riley's units in Lewisham, Sheffield and Grays together with former (vacant) Rileys sites at Peterborough and Reading.
Despite generally considered secondary stock, the portfolio attracted a significant response and interest from a range of buyers including developers, investors, housing associations, churches and local entrepreneurs. Following a structured marketing process culminating in competitive bidding, the portfolio was broken up and sold on an individual site basis.
The process generated significant proceeds for Essenden recording a profit of 36% over book value.