Fuller’s snaps up pint-sized Warwickshire pub chain Lovely Pubs
Fuller’s has snapped up a chain of seven pubs in Warwickshire in a deal worth £22.5m.
Fuller’s said it had bought the Lovely Pubs group, which has a seven-strong portfolio of six freehold sites and one pub with a 16-bedroom inn.
The firm said the deal would expand its presence in the Midlands as it continued to diversify geographically beyond its West London roots.
Fuller’s, which sold its brewing arm to the Japanese drinks giant Asahi in 2019, said it expected the acquisition of Lovely Pubs to contribute to earnings in the first full year of ownership.
It comes months after the London-listed pub chain offloaded 37 of its pubs in the capital to Admiral Taverns, one of the UK’s largest community pub groups, for £18.3m.
The group also sold one pub, the Mad Hatter in Southwark, for £20m last year.
In June, the London-listed company posted a 40 per cent jump in profit before tax for the year to 30 March and reported further growth in a trading update for the 16 weeks to 20 July.
The company has also reduced its debt meaningfully in the past couple of years. Net debt had fallen to £92m at the end of July, which, the company said, left it “well positioned to take advantage of appropriate acquisition opportunities.”
Simon Emeny said: “I’m delighted to be announcing the acquisition of Lovely Pubs. These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location.
“We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family.”
CBRE – the US commercial property firm – advised on the deal between Fuller’s and Lovely Pubs.