Fri, 16 Mar 2012 | DIVISION SALE
Spirit Pub Co is due to put 80 tenanted public houses on the market amid falling revenues.
The 80 loss making pubs are all managed by landlords, but owned by the company, which had recently reported a 6.4 per cent fall in like-for-like sales during the 12 weeks to 3 March. Spirit also intends to convert another 93 tenanted pubs to managed status.
Mike Tye Spirit’s chief executive explained the move to the Financial Times, “We’re stabilising the business for the next six to 12 months – we want to get [the underperforming pubs] out fast and start growing the income of the successful pubs.”
The strategy is to “prune once, prune hard” Mr Tye said. The 80 pubs chosen for disposal all rely on beer drinkers and have not been able to increase its food sales or other income streams.
The group had taken on about 550 tenanted pubs from last summer’s demerger of Punch Taverns.
Spirit’s portfolio of 800 managed pubs recorded a 4.6 per cent increase in overall like-for-like sales from the same period last year, with a 6.2 per cent like-for-like rise in food sales. Its pubs include the Flaming Grill and Chef & Brewer chains.
Pubs have seen a rise in food-led sales in the economic downturn from customers still looking eat out, but to spend less in establishments.
This is a chance to acquire a longstanding and reputable manufacturer of modern concrete garages, with roots dating back to the 1940s.
This well-established haulage company in West Yorkshire offers a strategic location with easy access to major motorway links and a strong, loyal client base developed over 20 years.
This is a rare opportunity to acquire this thriving motor vehicle repair, MOT, and service centre. This professionally run business currently provides the majority of its services to private customers with a small amount of commercial work, which pro...
04
|
Apr
|
WPP buys data collaboration platform InfoSum | BUSINESS SALE
WPP has bought data collaboration platform InfoSum to boost ...
03
|
Apr
|
Cambrian Training Group chooses employee ownership | BUSINESS SALE
Cambrian Training Group is celebrating its 30th birthday by ...
03
|
Apr
|
Mobeus sells investment in Star Brands after boosting EBITDA by 15X | BUSINESS SALE
Equity investor Mobeus has sold its investment in Star Brand...
09
|
Mar
|
Clover Taverns calls in administrators | ADMINISTRATION
Administrators are currently examining the financial positio...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.