STOKESAY CASTLE REMAINS JACK’S PLACE
Jack Gulati says selling to outsider didn’t feel right
Seated in the corner of The Knight’s Pub, with a view overlooking the rural hills of Lower Alsace Township and an attentive wait staff providing Diet Cokes and friendly banter, one might wonder why Jack Gulati ever thought about selling Stokesay Castle in the first place.
It turns out the answer is kind of boring. Far more compelling is the reason why the Gulati family decided to keep the property, because apparently it wasn’t for lack of buyers.
After a 15-minute conversation about hockey — Gulati used to own the Reading Royals, and still owns another ECHL club, the Allen Americans in
Texas — he cuts right to the chase.
“We got two serious offers, but they just weren’t the right match for Berks County,” Gulati said. “They weren’t local. Local people with the local flare, local talk, that kind of stuff.
“They were OK. It just didn’t feel right.”
Stokesay had been listed for sale for seven months when the Gulatis announced the castle was taken off the market. Instead, the building will undergo renovations, while Luis Pereira returns to the role of general manager with plans to update the menu at The Knight’s Pub.
Quite a difference in plans.
Gulati, 70, has owned 44 companies in his lifetime. He’s a self-described “Serial Entrepreneur,” also the title of a book he authored. He’s already come out of retirement more times than Michael Jordan at three.
Yet just like anybody else, Gualti’s priorities have changed through the years, and simply getting the $4.2 million asking price for Stokesay Castle wasn’t going to be enough to make the deal.
“Sometimes money talks,” said Gulati. “In my case, money is good, but there has to be more than just a dollar sign.”
Gulati’s experience with the Royals serves as an illustration of those priorities in action.
When he bought the team from the Berks County Convention Center Authority and SMG in 2014, it was to prevent new ownership from moving the team out of Read
ing. When he turned around and sold the team five years later, it was back to the BCCCA.
Though Gulati paid $1 million for the Royals and unloaded the franchise for $1.5 million, the Reading Eagle reported he actually lost money while he was owner.
“I could’ve moved it and made a few more shekels,” said Gulati. “I’m an old man now. I don’t need that.”
The point was to keep the team in Reading. And while new owners can’t
up and move an entire castle, Gulati’s intentions are clear.
He wants to do right by his adopted hometown.
“If I would’ve found a local entrepreneur who cared about Berks County, I probably would’ve made the deal,” said Gulati.
In 1987, Gulati founded Fidelity Technologies in Muhlenberg Township, choosing Berks for its strong blue-collar workforce and values. He later purchased a home in Oley Township, where his affinity for the region grew over 15 years.
“I was on top of a hill, so I’d get up in the morning and I could see almost the whole valley,” said Gulati. “I fell in love with it. It was one of those feelings where you wake up and say, ‘OK, now it’s time to do something.’”
Though he winters in Florida, Gulati maintains a residence in Berks, currently living in a house owned by one of his sons next door to Stokesay. “Rent free? I’m in, baby. That’s a good business deal.”
Gulati spotted a good deal in 2009, too, when he purchased the castle at bankruptcy auction for $623,850. The restaurant had been closed for three years, and the 32,000-square-foot structure — built in 1932 — was in ruins when he took
over.
It required considerable work before reopening, yet for Gulati, refurbishing an iconic location was a labor of love.
“I don’t want to imply the dollar isn’t important to me,” said Gulati. “It is. But more important was what contribution could I make to the city of Reading and Berks County.”
So why put Stokesay Castle up for sale then? Gulati, who technically sold the property to his sons in 2011 with Charles Gulati serving as president, insisted they were just testing the market.
The main reason the family went public with the sale, as opposed to quietly shopping the land, was so longtime customers weren’t taken by surprise.
“We want people to know where we’re coming from,” said Gulati. “I did not want it to be where all of a sudden people say, ‘Oh, Jack left us.’”
The upside from the experience was Gulati heard from many customers who didn’t want the family to sell. When he learned Pereira was interested in returning to once again run the facility, it was a no-brainer.
“That was the final piece of business because both of us knew each other,” said Gulati. “We knew what each other’s capabilities were.”
While Stoeksay Castle will continue to host banquet events as scheduled, The Knight’s Pub is temporarily closed for renovations.
Perhaps the timing worked out, with the coronavirus limiting restaurants to takeout only. Gulati says in addition to fresh paint and new furnishings, the closure allows ample time for a deep cleaning as well.
The Knight’s Pub was added on to the castle after Gulati purchased the property, offering diners a casual experience as opposed to the more formal Stokesay setting.
“Obviously, after 10 years, we need to do some renovations, which is pretty standard in any business,” said Gulati. “You need to bring something new. “
There was no timeline for when The Knight’s Pub would be back open for business prior to the coronavirus disruption, with Gulati describing update efforts as substantial.
Some restaurateurs would dread the business lost while work was being done. Gulati is just excited about what’s to come.
“If you enjoy doing what you’re doing, it’s never work, and I enjoy doing what I do,” said Gulati.