Tue, 25 Oct 2011 | BUSINESS SALE
Fuller, Smith & Turner has announced a strategic acquisition programme in time for the London 2012 Games, which will see it purchase five London pubs.
The brewer - which is behind the famous London Pride - is to acquire the Red Lion Hotel in Wendover, Bucks, The Hand & Flower in Kensington Olympia, The Wellington at Waterloo, The Pavilion End near Mansion House and Bluu Brasserie close to the Moorgate and Bank stations - in a deal worth £16 million.
Fuller’s is purchasing the pubs from Marston’s, which has been selling off part of its portfolio in a bid to raise funds to build new pubs in retail parks across the UK.
Simon Emeny, Fuller’s managing director, told City AM, “These acquisitions are high turnover managed houses with a similar trading style to our own where we feel Fuller’s can add value. They emphasise our continued focus on London.”
Fuller’s now has a portfolio of 365 pubs thanks to the five new acquisitions. It recently failed in its attempt to purchase the Capital Pub Company’s portfolio, losing out to Greene King, which paid £70 million for the 34 London-based pubs.
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