Springlands Tavern put on the market
One of the South Island's biggest hospitality and gambling groups has put Blenheim's Springlands Tavern on the market, along with seven other bars and restaurants.
Northend Hotels, owned by Nelson-based hotelier Tony Crosbie, has appointed Bayleys Canterbury tourism and business real estate agent Peter Harris to sell the properties.
Crosbie, who owns pubs from Motueka to Te Anau, said he was "looking for a new direction".
Crosbie bought the Springlands Tavern in June 2011 from Springlands Trading Ltd, after his two Christchurch pubs were destroyed by the earthquake.
Crosbie would not comment on Springlands Tavern, but said he wanted to grow all his businesses and needed new investors to do that.
The seven other pubs include two each in Nelson and Motueka, and one each in Christchurch, Timaru and Te Anau.
If the businesses sold he would like to continue running the group for a new owner under a management contract, he said.
Harris said the properties were being sold together and expected the price to be at least $8 million.
The properties offered an opportunity for a "savvy buyer to take over a cluster of established businesses in prime locations", Harris said. "There is also the option of developing the businesses further, with room to expand on some of the sites.
"This business opportunity would be ideally suited to a hands-on operator wanting to take the group of businesses to a new level."
It employs up to 168 staff on a mix of leased and freehold sites.
Springlands Tavern is a freehold property over two titles. The venue includes a bar, lounge, restaurant, function rooms and carparks. It also has 18 gaming machines, a TAB and a bottle store.
The company is the biggest privately-owned gaming operator in New Zealand, with 128 gaming machines across the eight venues. The gambling revenue they produce forms 37 per cent of trust Pub Charity's South Island turnover. Some of the bars also contain TAB outlets.
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