Fuller’s has exchanged contracts with Stonegate to purchase 10 pubs — nine in prime London postcodes, and one in the centre of Bath.
The total purchase price, before fees and taxes, is £35.25 million, representing a multiple of 8.4 times acquired site EBITDA. The transaction will be funded from existing debt facilities.
The completion of the purchase of four freehold pubs is expected in September, and six leasehold purchases will complete on an asset-by-asset basis as they are subject to landlords’ consent.
“I am delighted to be announcing this transaction today,” said Fuller’s executive chairman Simon Emeny. “We have always maintained a disciplined policy of only acquiring the right assets at the right price, and they must always be estate enhancing.
“This transaction certainly meets these criteria, and I’m delighted to welcome well-known gems like The Shipwrights Arms in London Bridge, The Duchess next to Selfridges, and The Blue Anchor in Hammersmith to the Fuller’s Family.”
He added: “This collection of 10 outstanding pubs, located in geographies where we already have a strong presence and knowledge of the customer, are a perfect complement to our existing estate.
“They will provide additional momentum to the strong earnings growth being delivered by our core business. We will update the market further at our interim results presentation later in the year.”
