Stock Exchange announcements
26-Mar-2009: Fuller, Smith & Turner P.L.C. - Acquisition of Six London Pubs
Fuller, Smith & Turner P.L.C. today announces an agreement to purchase six freehold London pubs from Punch Taverns PLC ('Punch Taverns'), for a total consideration of £21.1 million. The purchase will be paid for in cash, financed from existing facilities, and is expected to complete on 6th April 2009.
The six pubs are The Scarsdale in Kensington, The Red Lion on Parliament Street, The Queen's Head on Brook Green, The Hereford in South Kensington, Ye Olde Mitre in Hatton Garden and The Swan on Bayswater Road, which overlooks Hyde Park.
As managed pubs under Punch Taverns' ownership, these houses generated £2.5 million of earnings before interest and tax in the 53 week period to 23rd August 2008. As at 23rd August 2008, the assets had a book value in Punch Taverns' accounts of £25.6 million.
Fuller's will run these houses as managed pubs, bringing Fuller's total managed pubs and hotels estate to 162 and the total estate size, including leased and tenanted pubs, to 365. The acquisition is expected to have a positive impact on earnings immediately from completion.
Commenting on the acquisition, Michael Turner, Chairman of Fuller's said:
'I am delighted that Fuller's is able to acquire these six wonderful pubs, right in our heartland of central London. These are exceptional quality assets that fit well into our existing portfolio and we will move sympathetically to fold each pub's unique character and heritage into Fuller's. We continue to build our business for the long term and hope existing and new customers will come and enjoy these pubs for many years.'
26 March 2009
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile: 07824 815 366/07748 657 854
Michael Turner: Press 020 8996 2048
James Douglas: Analysts 020 8996 2048
Merlin 020 7653 6620
Paul Downes 07900 244 888 (mobile)
Toby Bates 07930 480 391 (mobile)