Mon, 04 Dec 2023 | COMMERCIAL PROPERTY
Drink and Food Group, a hospitality business headquartered in Cardiff, has acquired the lease of the Old Inn pub in Somerset. The deal is part of the company’s two-year expansion plan, with the business seeking to reach a forecasted turnover of £1 million.
The Old Inn is the second pub the company has acquired in the South West of England, following the takeover of Wiltshire venue The Old Bear Inn. Drink and Food Group Head of Operations Phil Kent said that The Old Inn was “reasonably close” to The Old Bear Inn and said that both pubs had been targeted “for their rural setting with high-quality food offering."
Phil Kent, who used to run The Old Inn in a previous role, will take over the day to day running of the pub during the initial opening phase and described the deal as “a fantastic acquisition for us as part of our national growth strategy.”
Kent added that all available staff were retained as part of the deal and said he would be splitting his time between The Old Inn and The Old Bear Inn.
Drink and Food Group Director Ashley Govier commented: "Our plans are to acquire; we make no secret about that. I've been in the hospitality sector with other interests closer to home so to branch out further into the south west says a lot for our national ambitions.”
"We’re speaking with new premises on the basis of further acquisitions and have seen 15 in the last 12 months alone. We certainly plan to add to the Drink and Food Group family very soon."
Pubs, along with many other hospitality businesses, are facing a number of struggles, including rising costs for food and energy, weak consumer confidence and lingering issues from the COVID-19 pandemic. While this is leading to many facing an uncertain future, it is also creating opportunities for acquisition and consolidation.
Find out more about M&A in the hospitality sector:
UK Hospitality faces cruel winter - rise in acquisition and consolidation plans forecast
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