Despite the recent downturn in the restaurant sector, speciality pie and mash restaurant operator, Pieminister, has just secured and opened its 16th outlet just outside Exeter Central Station and exchanged a conditional contract to secure a 2nd outlet in Manchester.
The Bristol office of Carter Jonas acts as retained property advisors to Pieminister and negotiated both deals.
An independent family-run business founded in 2003, Pieminister employs around 300 people across 18 sites, including their Bristol kitchens. All of their award winning pies and patties are baked in-house, using responsibly sourced ingredients, to be sold across the UK, through independent and multiple retailers, pubs and farm shops as well as Pieminister’s own cafes and restaurants.
Carter Jonas is now leading the charge for yet more outlets with plans for four additional sites to open in 2020. Targets include Bath, Brighton, Cambridge, Coventry, Newcastle-Upon-Tyne, Reading, Southampton and York amongst other locations seeking between 700 sq ft (65 sq m) and 2,000 sq ft (186 sq m).
The latest Exeter acquisition, which opened this month, is arranged as a 900 sq ft (84 sq m) lockup shop at Unit 4, The Crescent and was available at just £25,000 per annum. This busy location is directly opposite the Mercure Hotel, next to Five Guys and close to other city centre restaurants at Queen Street Dinning where operators include Turtle Bay, Franco Manco and Comptoir Lebanais.
Stuart Williams, Partner, Carter Jonas said:
“Securing clever trading locations such as Exeter is key to securing profitable outlets. The fact that extraction is not a requirement does open up a wider range of opportunities. Pieminister’s strength of covenant is also an attraction to landlords”.
Jon Simon, Joint Founder and Managing Director, Pieminster said:
“Pieminister is no stranger to Exeter having traded at Exeter University for several years. However, with Exeter College, the railway station and city centre shopping close by, we are looking forward to welcoming a wider range of customers to enjoy our exciting range of award winning pies”.