Three well-known pubs on the east coast have returned to family ownership, following the death of local businessman Robert Tucker in December 2015, with help from Reward Finance.
Calvin Dexter Financial Solutions contacted Reward Finance about the problems faced by Tucker’s children, Henry and Becky, who were unable to release the pubs from the executor until a large inheritance tax bill had been settled.
Reward Finance provided a solution which ensured The Bay Hotel (pictured), The Fylingdales Inn and Ye Dolphin in Robin Hood’s Bay are now owned by Tucker’s children, following the conclusion of the probate process. In addition, The Bridge Inn at Ruswarp has also returned to family ownership.
“Our father Robert was really well known in the area and built up four extremely successful businesses by working closely with his valued and trusted tenants,” said Henry.
“Naturally we are both extremely proud to be taking over the mantle from our father. It is a huge responsibility but we are really looking forward to working with the excellent teams we have in place to build on the legacy provided by him.
“Our thanks go to all those who provided advice and help during the process, in particular Calvin Dexter and Reward Finance, both of whom quickly understood the position we were in, our solicitors Flint Bishop and accountants Watson Buckle.”
Dexter said: “When I was approached by Ian Gill of Watson Buckle, who was one of the executors of the estate, I quickly realised that a bespoke funding solution was required in order to pay the IHT liability, hence I approached Nick Smith to discuss providing the required finance. This was an unusual and interesting transaction to work on and I am delighted that we have managed to secure the future of these famous pubs.”