Your chance to buy pub for just ONE POUND

The Green Man in Rackheath which has closed

The Green Man in Rackheath which has closed - Credit: Sonya Duncan

Budding landlords can grab a bargain after a village boozer went on the market for £1.

The Green Man in Wroxham Road, Rackheath, owned by Wellington Pub Company, closed in the middle of June.

At the time, the general manager said: "The rising prices of everything made it very difficult for us to run the business and cover all of our expenses.

"We had lots of loyal customers and wouldn't have survived without their support until now.

"Unfortunately the income was not enough to cover the costs of the business."

The pub, which used to serve members of the US Air Force in the Second World War, is listed on Rightmove for a guide price of £1.

The Green Man in Rackheath which has closed

The Green Man pub which has closed - Credit: Sonya Duncan

But don't get too carried away because despite the low asking price, the new owners would have to stump up a guide rent of £65,000 per year for a 20-year lease from Wellington Pub Company.

The new landlords would not be tied to a brewery.

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Rightmove describes the pub and restaurant as a "substantial property on two floors extended to provide the present extensive trading accommodation and set in a 1.7-acre site, featuring large beer garden and car parking areas".

Marketed by Christie and Co, it is "very prominent and well-located" and "would be able to attract the large volume of passing trade".

Fran Whymark, Broadland District Councillor

Fran Whymark, Broadland District Councillor - Credit: Archant

Fran Whymark, Conservative councillor for Rackheath on Norfolk County Council and Broadland District Council, said: "Because the village is expanding over the years it is in a prime position. I would like to think we have someone come forward with a long-term strategy.

"I don't like to see pubs close down because they are the heart of the community.

"It needs a definite emphasis, perhaps for families to go to. It looks tired in some areas.

"There is always a risk of it being redeveloped into something else. It would be a shame to lose it."

He added the pub had good meeting rooms and should be legally listed as a going concern for 12 months.

The Green Man is just outside of the village but is close to a 268-hectare off nearby Green Lane West where Taylor Wimpey has bid for up to 3,850 homes.

Wellington Pub Company and Christie and Co was approached for comment.

Bargain buys of the past

Canaries legend Teemu Pukki joined Norwich City Football Club on June 30, 2018, on a free transfer signing a three-year deal. The Finnish sportsman has since become a firm favourite of fans and is a regular goal scorer for the club.

Canaries striker Teemu Pukki rues a missed chance during last month's Carrow Road loss to Watford

Norwich City Football Club fan favourite Teemu Pukki - Credit: Paul Chesterton/Focus Images Ltd

In 2015, disgraced retail tycoon Philip Green sold the former BHS department store for a £1 to investment fund Retail Acquisitions. 

American family magazine Reader's Digest was sold by veteran venture capitalist Jon Moulton for £1 to fellow venture capitalist Mike Luckwell in 2014.

Chelsea Football Club was sold in 1982 for £1 to businessman and hotelier Ken Bates. In 2003, Russian billionaire Roman Abramovich bought the club for a grand £140m. The club was taken over by a consortium led by Todd Boehly and Clearlake Capital in 2022.