TLT has advised Urban Pubs & Bars, a leading independent pub, bar and restaurant group in London, on its acquisition of 13 pubs and bars from Barworks – increasing its number of venues to 34.
The acquisition follows recent external investment in Urban, which was designed to help accelerate the company’s growth.
The Barworks transaction complements Urban’s existing estate sites, expanding its presence in East and North London including in Shoreditch, Clerkenwell and Camden, and adding iconic sites such as the Exmouth Arms (Exmouth Market), Singer Tavern (Moorgate) and Harrild & Sons (Farringdon).
TLT advised Urban and worked closely with Urban’s other advisors (including Sapient Corporate Finance) as part of one deal team, as well as leading on the negotiation of legal terms. The team was led by corporate partner Alice Gardner and commercial real estate leisure partner Julian Mant, and included Luke Thorngate-Davies and Jessie Cockhill (corporate), Rachel Channer (real estate), Piers Warne (licensing) and William Ngan (tax).
Nick Pring at Urban Pubs & Bars, says: “We’ve known the guys at Barworks for many years and are delighted to be able to acquire so many iconic pubs that complement our existing estate perfectly.
“We trusted TLT with this work because of the firm’s leading pubs, bars and restaurants expertise, as well as their transaction management skills on delivering corporate transactions. They gave us sound and clear advice and managed the negotiations and the end-to-end transaction brilliantly.”
Alice Gardner, partner at TLT, says: “There is strong market activity in the leisure, food and drink sector right now, with buyers wanting to grow their portfolios and strong private equity investment.
“We are delighted to have supported Urban Pubs & Bars with this significant acquisition so soon after their new investment and at a time when the industry is building back stronger after the pandemic.”