The leaseholder of a pub in Clifton says it will “continue to trade as usual” after Nottingham City Council revealed it would be auctioning it off in a bid to claw back cash.
The authority says it will be selling the freehold for The Fairham Hotel in Farnborough Road, meaning the property and the land it stands on will be put up for auction.
Admiral Taverns, which runs more than 1,600 pubs across the country, is the current leaseholder.
Nottingham City Council is selling off assets as a way to chip away at debt which stands at roughly £900 million.
So far it has been able to trim debt levels down from £1.2bn through measures such as its Asset Rationalisation Programme.
Cllr Kevin Clarke (Ind), who represents Clifton East, says: “I am fully aware of this, selling off the family jewels to make up the short fall of misspent money.
“The problem is you can only sell things once, so no more income from rentals after the sales.”
Admiral Taverns confirmed the pub would continue to trade but did not state for how long or whether this would continue to be the case once the freehold is sold at auction next year.
A spokeswoman from Admiral Taverns said: “Nottingham City Council have made us aware that it will be putting the freehold for The Fairham Hotel in Clifton to auction in the spring next year, but this will not affect our current leasehold and tenant, and the pub will continue to trade as usual.”
Between 2020/21 to 2021/22 the council made £30.7m from asset sales.
It currently owns more than 3,600 property assets with a collective value of more than £1bn, and a further £90m-worth of assets will be put on the market over the next four years.
It is anticipated there will also be an additional £15m black-hole in its finances as a result of the cost of living crisis, rising energy bills and inflation.
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