Stock Exchange announcements
29-Apr-2009: Fuller, Smith & Turner P.L.C. - Acquisition of The Round House
(‘Fuller’s’ or ‘the Company’)
Fuller, Smith & Turner P.L.C. today announces an agreement to purchase The Round House, a freehold London pub, from Punch Taverns PLC ('Punch Taverns') for a total consideration of £3.3 million. The purchase will be paid for in cash, financed from existing facilities, and is expected to complete on 14th May 2009.
As a managed pub under Punch Taverns' ownership, the house generated £0.4m of earnings before interest and tax in the 53 week period to 23rd August 2008. As at 7th March 2009, the asset had a book value in Punch Taverns' accounts of £3.4 million.
The Round House will be run as a managed pub, bringing Fuller's total managed pubs and hotels estate to 163 and the total estate size, including leased and tenanted pubs, to 366. 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 has been able to add The Round House to our quality estate.
“The acquisition of this classic Victorian pub, in the heart of Covent Garden and London’s theatreland, is a further indication of Fuller’s commitment to expanding our estate with the very best pubs when the opportunities arise.”
29th April 2009
For further information, please contact:
Fuller, Smith & Turner P.L.C.
Press Office 020 8996 2175/2198/2048
Mobile: 07824 815 366
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