29 May 2024
FULLER, SMITH
& TURNER P.L.C.
Disposal
Fuller, Smith &
Turner P.L.C. (“Fuller’s” or “the Company”), the premium pubs and
hotels business, announces that it has agreed terms to sell a
portfolio of pubs from its Tenanted Inns Division to Admiral
Taverns Limited (“Admiral”).
The cash sale proceeds
for the portfolio is £18.3 million, a premium of £1.6 million to
the gross asset value of £16.7 million. The portfolio of 37 pubs generated
£1.3 million of profit before tax for the 52 weeks to 30 March
2024. The proceeds from the sale will
further strengthen the Company’s balance sheet, enabling additional
investment in its pubs, as well as supporting future acquisition
opportunities, as appropriate.
Fuller’s is committed to
owning and operating both Managed and Tenanted pubs as an integral
part of the Company’s future strategy. However, the Company proactively
manages its pub estate, continually evaluating strategic
opportunities and believes that the disposal of this portfolio to
Admiral allows the Company to focus on the development of its
retained Managed and Tenanted estates.
It is anticipated that
the disposal will complete on 25 June 2024. Following completion, Fuller’s will
have 154 pubs within its Tenanted Inns Division to complement the
179 properties in its Managed Pubs and Hotels Division.
The Company was advised
on the transaction by Sapient Corporate Finance.
[End]
For
further information, please contact:
Fuller,
Smith & Turner P.LC.
Simon Emeny, Chief
Executive 020 8996 2000
Neil Smith, Finance
Director 020 8996 2000
Georgina Wald, Corporate
Comms Manager 020 8996 2198 / 07831
299801
Instinctif
Partners
Justine
Warren 020 7457 2020
