Stroud pub closes

A LICENSEE has been forced to close a pub because of the credit crunch.

The Rose & Crown at Nympsfield shut last week and Darren Gadd explained that it was not working out financially, so he has pulled out now before getting into debt.

He has handed back the lease to the building's owners, Red Rose Taverns.

Villagers were concerned at the sudden closure of the 400-year-old coaching inn, as a sign in the window said it was closed for refurbishment, and the lease is also for sale.

"The Rose & Crown is closed because we just cannot afford to keep it open, because of the recession," said Mr Gadd.

"Due to price increases of gas, electricity and food, we simply could not afford to keep it going.

"If did, it would have meant going in to debt and we have managed to avoid that.

"All our suppliers know we are not there any more."

Mr Gadd and his family turned around the fortunes of the pub when they took over around four years ago.

But it is another victim of the current downturn in the economy, and one of around 60 pubs or pub leases up for sale.

"We are hoping that it will re-open soon," said Nympsfield Parish Council chairman David Arnold. "It's an important part of the village. The Gadds had run it really nicely, and although you can't please everyone all the time, they did a good job. It's a shame it's happened."

The owners of the building, Red Rose Taverns, are not selling the property itself.

The lease is advertised on www.businessesforsale.com with an asking price of £169,950.

The advert states it has a current turnover of £640,000, making a profit of £130,000.