Oast and Squire up for sale as Beefeater's owner thanks Rusty Cutter customers
A popular Fareham restaurant has been put up for sale as part of plans from its owner to prioritise its hotel business.
Whitbread has confirmed that The Oast and Squire in Peak Lane off The Avenue is on the market for sale, but it said that the Beefeater branch will remain open and trading until it’s sold - the same as its Table Table branch at the Red Lion in Horndean.
This comes in contrast to The Rusty Cutter in Bedhampton which after Friday, July 5, will close to the public and will only provide a service for customers using the neighbouring Premier Inn which the company also owns. However there is no confirmation yet as to what will happen to the site in the longer term.
A spokesperson for Whitbread said: “After many years serving the community we can confirm the Rusty Cutter is closing its doors - last day trading is July 4. We'd like to take this opportunity to thank the local community for their support over the years and our amazing team members. For local guests the nearest Beefeater is now the Harbour Lights in Portsmouth and we do hope to welcome people there.
“The Oast and Squire is on the market for sale. It will remain open and trading until it’s sold.”
The sale comes as Whitbread refocuses its business, concentrating more on its Premier Inn offerings rather than its restaurant business in a blow to the local communities who used them.
A Whitbread statement said: “Over the next 24 months the company plans to replace around 112 of our lower-returning branded restaurants with integrated restaurants and use the vacated space to add new higher returning hotel rooms to help meet strong demand.
“Over the next 24 months we are planning to exit 126 branded restaurants; they will continue to operate as they do now so that they can be sold as going concerns. Of these restaurants, we have agreed to sell 21 for £28m.
“The majority of our sites, including our existing 387 integrated restaurants and our remaining portfolio of 196 better performing branded restaurants, will continue to operate as normal and are not affected in any way.”
Whitbread PLC is the owner of Premier Inn and restaurant brands including: Bar+Block, Beefeater, Brewers Fayre, Cookhouse & Pub, Table Table and Whitbread Inns.