03/06/2024 17:18:00
Red Oak Taverns has acquired 19 tied tenanted pubs from Marston's, marking the third transaction between the two companies in the last 15 months, advises Pub & Bar. Fleurets acted on behalf of Red Oak on their latest acquisition, which brings the total number of pubs Red Oak has acquired from Marston's to 26 and their total portfolio to 246 pubs. "We are delighted to have completed the purchase of these high-quality pubs in a third successful deal with Marston's," says Mark Grunnell, co-founder and chief executive of Red Oak. "The ability to deliver, especially in times where the cost of capital is high, is crucial between any seller and buyer, and we have built a strong relationship with the Marston's team."
Revolution Bars Group has ended its formal sales process, stating it did not result in any acquisition proposals for the entire issued and to be issued share capital of the company. The business, operator of bars and gastropubs, trading mainly under the Revolution, Revolucion de Cuba and Peach Pubs brands, added it is not in receipt of any approaches for the company currently. Morning Advertiser says that this means that Revolution is no longer in an 'offer period' as defined by the city code on takeovers and mergers and wants to go ahead with its restructuring plans as stated in April which involves fundraising £12.5m. It warned administration for the business is 'expected' if shareholders do not give the green light to the restructuring plan.
Admiral Taverns is to expand its footprint in the south-east of England after agreeing to acquire 37 freehold pubs from Fuller's for £18.3m. The portfolio of 37 community, wet-led pubs is spread across London and the Home Counties, including Surrey, Sussex and Hampshire, says The Caterer. The deal will take Admiral's total estate to over 1,420 sites and expand its number of pubs in the south-east to over 300. Admiral said it had a "strong track record" of buying pubs and "unlocking new growth potential", having invested £39m across its portfolio with the backing of its owner, real estate private equity firm Proprium, over the past year. Chris Jowsey, chief executive of Admiral Taverns, said community, wet-led pubs remained popular with customers despite the challenging economic background.
Fleurets is delighted to announce the recent completion of the Anchor Inn. Situated in the historic village of Hartfield, which lies within the Weald of Sussex, the Anchor Inn has been let on a new lease. The leasehold of the Grade II listed Inn has now been purchased by Wingrove House Ltd, a hospitality and leisure group. Phil Lewin, Director of Wingrove House said, "We are delighted to now have the responsibility of owning the Anchor Inn, a fantastically located pub in the heart of the Ashdown Forest." We are very grateful to Nick Earee and the Fleurets teams' help in achieving this opportunity for us."
South West brewery and pub group Liberation has reported "record" sales for the financial year, boosted by the expansion of its accommodation business, reports Business Live. The Jersey-headquartered parent firm of West Country brand Butcombe said total group revenues were £144.4m for the year ended January 27 - a jump of 20% compared to the same period last year. The group said its like-for-like managed pub EBITDA - a form of profit - had also increased 19% despite a "particularly challenging" inflation and cost environment. However, Liberation said the national minimum wage increase in the UK and Channel Islands had presented "ongoing pressure" on payroll.
Chester is the latest city to consider adding a £2-a-night 'tourist tax' to hotel room bills, reports The Caterer. Tourism and business leaders want to see guests staying in Chester's 27 hotels pay the extra £2 charge, plus VAT, per room per night. It is hoped this could raise more than £1m a year to reinvest in local events, festivals, and better visitor services. Business leaders said visitor numbers in Chester had yet to return to pre-pandemic levels and public funding for tourism promotion had also declined. Chester hoteliers will vote on the proposed visitor charge in June and July this year. If approved, a new Accommodation Business Improvement District (ABID) would be established with the charge introduced from January 2025.
A café, restaurant, and cocktail bar inspired by the realms of Wednesday Addams, Stranger Things, Beetlejuice and other horror films and characters is opening in Birmingham city centre later this summer, advises the Restaurant.