Fuller’s Acquires 10 ‘Outstanding’ Pubs From Stonegate

Fuller, Smith & Turner PLC has announced the acquisition of ten outstanding pubs from Stonegate for a total purchase price of £35.25 million.

The acquisition represents an 8.4 multiple of site earnings before interest, taxes, depreciation and amortisation. The acquisition will be funded through Fuller’s existing debt facilities, with the purchase of the four freehold pubs due to complete this month.

Fuller’s said all of the sites are “iconic” pub operations, with nine of the sites in prime London postcodes and one in the centre of Bath.

Completion of the purchase of the four freehold pubs is expected in September, and the six leasehold purchases will complete on an asset-by-asset basis as they are subject to landlords’ consent, Fuller’s said.

Executive chairman Simon Emeny said: “I am delighted to be announcing this transaction today. We have always maintained a disciplined policy of only acquiring the right assets at the right price – and they must always be estate enhancing. This transaction certainly meets these criteria, and I’m delighted to welcome well known gems like The Shipwrights Arms in London Bridge, The Duchess next to Selfridges, and The Blue Anchor in Hammersmith to the Fuller’s Family.

“This collection of 10 outstanding pubs, located in geographies where we already have a strong presence and knowledge of the customer, are a perfect complement to our existing estate. They will provide additional momentum to the strong earnings growth being delivered by our core business. We will update the market further at our interim results presentation later in the year.”