Hugh Osmond-backed restaurant group snaps up pubs to launch new brand
The restaurant group backed by British businessman Hugh Osmond has bought four pubs for more than £11m as it launches a new brand.
London-listed Various Eateries has bought the four sites – in the Cotswolds, Berkshire, Surrey and Hampshire – from Grosvenor Pubs and Inns for £11.5m.
The group said “premium” pubs with rooms remain an attractive model in a hospitality sector which has been hammered by business rates rises and employment costs in recent months.
The pubs generated more than £10m revenue last year and will form a new brand, the Linwood Collection.
Various Eateries also said it will change its name to Coppa Collective, to reflect its “evolution”.
Premium pubs still have appeal
Chief executive Mark Loughborough said: “Premium pubs with rooms combine food and drink with accommodation and a broader, destination-led appeal.
“Done well, that mix can deliver resilience and attractive economics, and we believe these sites have the quality to do exactly that.”
The acquisition is expected to be completed later this month and includes an option for a further fifth site.
The four sites included in the deal are Wild Thyme & Honey in the Cotsworlds, The Hare & Hounds in Berkshire, The Stag on the River in Surrey and The Wellington Arms in Hampshire.
The fifth potential acquisition is The Queen’s Head in Surrey.
Various Eateries was set up by former Pizza Express head Hugh Osmond, and operates Mediterranean restaurant chain Coppa Club and Italian restaurant brand Noci.
The hospitality group currently runs 20 sites, including restaurants, club houses and hotels.
Osmond also set up Punch Taverns, a pub and bar operator which was listed on the FTSE small cap index until its £403m private equity sale in 2016.