Greenwich Inc Staying Put

Folks – I am afraid I was a bit previous with the news that Greenwich Inc was considering selling up. As we all know there’s many a slip ‘twixt cup and lip and the deal has fallen through.

Sorry to have given you wrong info.

16 Comments to “Greenwich Inc Staying Put”

  1. Oscar David says:

    This is really disappointing!
    I heard that the Hospital scuppered the deal – any other news?

  2. rod says:

    “Sorry to have given you wrong info.”

    The info wasn’t wrong, Phantom – the deal was being done but has now fallen through, probably due to finance. Inc need to sell these pubs, and will presumably try to find another purchaser.

  3. Paul T says:

    Damn, that was one piece of welcome news. Let’s hope our collective wishful thinking eventually becomes reality.

    After all, in the longterm, what will Inc do? There are fewer people in their pubs every day. Even the tourists seem to be deserting the Admiral Hardy and Trafalgar, and heading for the Old Brewery.

  4. Oscar David says:

    Rod is right! It was a done deal – how can the Hospital want to keep Frank in preference to anyone else?

    Who is the Hospital accountable to? ‘Cos they don’t seem to be acting in the best interests of Greenwich.

  5. Paul T says:

    Is there real evidence the Hospital scuppered the deal?

    IN any case, altho they mimic a charity in some respects, GHE are ultimately a branch of the MOD, and are accountable to themselves alone. The organisation was set up to educate mariners’ children – but now it essentially controls a private school.

  6. I don’t know exactly what nixed the deal – I certainly don’t have any evidence that it was scuppered by anyone. I just hope that if the various businesses do get sold on, they will be sold to people who care about Greenwich and who can raise them to excellence.

  7. Oscar David says:

    Reliable sources tell me that it was full-steam ahead with the purchase by some Dubai-backed outfit. The Hospital imposed some conditions that left the deal unworkable.
    Supposedly the money to be invested would have brought all the pubs up to scratch.
    I suppose we will now never know…

  8. pete says:

    They were never up for sale, Greenwich Inc doesnt own them just short leases thats the strange thing.

  9. PiratesPatch says:

    The Hospital follow franks ideal in business terms, they are accountable to themselves, and have their own interests at heart!

    Unless they want to scupper Franks nelson road Hotel plan…he needs to sell to finance that!

    But anyway, Greenwich was here long before the came and will be here long after they have gone.

  10. rod says:

    the freeholds were never for sale that’s true – the businesses were though, most definitely.

  11. Oscar David says:

    Yes – the leases were up for sale. The Hospital is the landlord.

    I understood that the only one not being sold was the Spread Eagle? That meant that the Bar du Musee was being sold – why would he sell that if he’s planning a hotel on Nelson Road?

    Does anyone know if the Hospital has made a comment?

  12. Presumably a business that has planning permission to turn it into a swish hotel the year before the Olympics is worth rather more than one that doesn’t?

  13. rod says:

    My understanding is that the pubco, who already have a couple of hotels, would be pert-owners and run the hotel, whilst Inc would retain an interest in it (ie hold shares)

  14. like the idea of ‘pert’ owners…

  15. PiratesPatch says:

    Pert Owner…

    Is Nigella moving to Greenwich!

  16. Oscar David says:

    Heard over the weekend that GH did scupper the deal by putting unreasonable conditions on the transfer of the leases.

    There’s talk that this might result in a multi-million pound law suit….