ONE of York’s city centre pubs is now under new ownership having been sold for almost £70,000.

The Five Lions in Walmgate was sold by York-based chartered surveyors Barry Crux & Co.

Joe Moore, a spokesman for the selling company, said the reason for the pub being sold was due to the fact the company is diversifying into holiday lets.

Katie Morgan, of Barry Crux & Co, said: “The sale of The Five Lions is evidence that there is still a market for good quality leasehold pubs which have potential to generate good profits. It is also excellent news for the pub industry in York which has recently come under pressure with changes of use to convenience stores and similar.”

The Five Lions generates income from wet sales and 12 en-suite letting bedrooms, which the seller said added a further “exceptional” level of trade.

The lease, business goodwill and fixtures and fittings were sold off at an asking price of £69,500.