Repossession of town restaurant
A landlord has repossessed and closed a popular restaurant after a tenant breached his lease.
No 3 The Yard has been repossessed by property consultants Budworth Hardcastle.
The move took place at 6am on Wednesday and a formal termination notice was fixed to the restaurant’s gate, in Ironmonger’s Street, in Stamford.
The site tenant at the time of closure was Simon McEnery.
Gavin Hynes, director of Budworth Hardcastle, could not state due to confidentiality what the lease breach had been.
He stated that the decision to repossess had been taken on Tuesday.
He said: “This is something that we would only do as a last resort.
“A right of forfeiture is always built into any commercial lease.
“I believe that the restaurant had already ceased trading before the repossession.
“As a landlord we want someone to take on the lease quickly and we hope that’s what the people of Stamford want too.”
He added that interest had already been shown in the property by several interested parties looking to take on the restaurant.