Muchos Nachos put up for sale

The community now has six months to come up with the money
The community now has six months to come up with the money

Muchos Nachos pub is being put up for sale – but for double what a developer paid for it less than a year ago.

Any community group wanting to buy it will have to find £795,000.

Grace Holdings Ltd bought the building for £400,000 in April 2017 and submitted an application to turn it into flats soon after.

Whyke residents trying to save the Mexican restaurant and pub successfully managed to get the building registered as an Asset of Community Value.

It gives any community group first refusal when it goes up for sale and a letter to residents states they have six weeks to register an interest before coming up with the £795,000 in only six months.

Green councillor Sarah Sharp said: “We believe it’s overpriced. We are now looking at our options.”

Mark Brown, on behalf of Grace, said the building had been independently valued and its purchase had been agreed in 2016 at a ‘substantial discount’ because of insolvency issues with a previous tenant.

It comes as the Muchos Nachos business owners reportedly agreed a new two-year lease with Grace, giving them some new security.