Tokyo, one of Newcastle’s best-known bars, has been sold after being listed at £1.1m. The five-floor venue on Westgate Road has been acquired by the Hymus Group, which opened its first Newcastle bar, The Dubliner, in 2023 and has since expanded to York and re-branded the former Mushroom as Dirty Murphy’s.
Sale details and seller's plans
Tokyo had been run for the last 10 years by Paul Pringle, who decided to sell to focus on his other venue, Alvino’s on Pilgrim Street. The freehold interest was sold off an asking price of £1.1m, with property agents Christie & Co handling the deal.
Mr Pringle said: “When we bought Tokyo through Christie & Co in November 2016, we had a 10-year plan for the business. We're pleased to be handing it over in good shape and with tonnes of potential. We still have Alvino's on Pilgrim Street and its business-as-usual round there.”
Buyer's expansion and venue features
Hymus Group managing director Daniel Van Hymus said: “We’re buzzing to take stewardship of one of Newcastle’s most iconic spaces. The acquisition takes us to four venues and opens new opportunities for the team, who continue to deliver special moments to thousands of customers every week.
“Thanks, as always, to everyone who continues to support our venues. We’re proud to take this on and will work hard to do the venue justice. We must pay tribute to Allica Bank who allow us to remain completely independent, while taking advantage of great opportunities such as this one, our second freehold acquisition in a month.”
Tokyo holds a licence until 2.30am, spans five floors including a beer terrace, and is known for its cocktail menu and live DJs six nights a week.
Agent's comment on the deal
David Cash, regional director for pubs and restaurants at Christie & Co, said, “I am delighted to have brokered this deal. Against a challenging backdrop for pubs and bars, it is encouraging that operators like Dan continue to see longevity in the sector. This is typical of what we are seeing in the wider marketplace.”
