The proprietor of a pub in South London is seeking assistance to secure £500,000 by the end of September to avert its closure after reaching an agreement to purchase the establishment.

Clement Ogbonnaya, who has been managing the Queen of the South pub in Tulse Hill since its inauguration in May 2023, had previously mentioned that the brewery Young’s had imposed “a deadline for us to repurchase it or face losing it for good.”

In a recent Instagram post announcing the agreement, Mr. Ogbonnaya stated that they were “now in a strong position,” but emphasized that “there is still a journey ahead.”

The brewery, which holds the freehold, expressed satisfaction with the agreement reached.

Currently, Young’s owns 50% of the lease and the entirety of the freehold.

Mr. Ogbonnaya indicated that he has settled on a price with Young’s to acquire both the freehold and their half of the shares in the leasing company, in addition to clearing any debts owed to them.

He mentioned on Instagram: “We aim to gather £500,000 to finalize the acquisition of the freehold. In exchange, we will offer an agreed portion of the freehold as well as a share of the business’s operational profits.”

This amount must be secured by September 30 for the acquisition to proceed.

Previously, Mr. Ogbonnaya told BBC London that the venue was named in honor of his mother, wife, and two daughters, and replaced the White Hart pub, which was in dire condition, suffering from a leaky roof, a rat infestation, and decaying floors.

He remarked: “We’ve eliminated that unsightly blemish from the high street and transformed it into a community hub, a gathering space for celebrations, mourning, and sharing ideas.”

He further asserted: “It would be a tremendous loss for this pub to be turned into a Lidl or something similar. We’re just beginning to establish ourselves. The Queen of the South must remain open.”

A representative from Young’s commented: “We are glad to have reached a positive arrangement with Clement that allows him to manage the Queen of the South independently. Our consistent aim has always been to keep this pub independent to better serve the local community, and we truly hope it continues to flourish.”