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Fuller, Smith & Turner PLC on Wednesday said that it had sold a portion of its pub portfolio at a significant premium, the proceeds of which could support future acquisition opportunities by the company.
The London-headquartered pub and hotel chain operator, commonly known as Fuller’s, has agreed to sell 37 pubs from its Tenanted Inns division to Admiral Taverns Ltd, a Chester-based pub chain owner.
The sale will generate £18.3 million in proceeds, Fuller’s said, a £1.6 million premium to the portfolio’s gross asset value of £16.7 million.
In the year to March 30, Fuller’s said the 37 pubs generated £1.3 million in pretax profit.
The proceeds will go toward strengthening the company’s balance sheet, while also ‘enabling additional investment in its pubs, as well as supporting future acquisition opportunities’.
Fuller’s said that the disposal is expected to complete on June 25, following which Fuller’s will have 154 pubs within its Tenanted Inns division, in addition to the 179 properties in its Managed Pubs and Hotels divisions.
Shares in Fuller’s were down 0.2% at 708.80 pence each in London on Wednesday morning.
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