Wed, 23 Oct 2019 | BUSINESS SALE
Pub operator Fuller, Smith & Turner PLC has announced the agreement of a deal to acquire Cotswold Inns & Hotels Ltd for £40 million. The deal will see Fuller acquire 7 freehold inns and hotels and 8 freehold staff cottages in the Cotswolds, a popular tourist destination renowned for its natural beauty.
The deal also includes the acquisition of 2 leasehold bars in Birmingham city centre. All staff are expected to transfer in the acquisition. An eighth hotel, The Broadway Hotel, will not form part of the deal and will be retained by its current owners.
The acquisition will be funded from existing bank facilities and is expected to be finalised on October 31st.
Commenting on the deal, Fuller chief executive Simon Emeny said: "The inns and hotels being acquired are all iconic, character properties in sought-after locations in the Cotswolds. They will further enhance our existing portfolio of premium hotel accommodation, adding 201 stylish bedrooms.
"A number of the sites have further development potential and Cotswold Inns & Hotels benefits from an established function business, spanning both leisure and corporate custom as well as weddings. We expect to realise further benefits from bringing the properties into Fuller's and for the acquisition to be earnings accretive in the first year.”
The properties to be acquired generated revenue of £17.5 million and had a gross asset value of £31.5 million in the year ending September 30th, 2018, Fuller said.
Cotswold Inns & Hotels, founded in 1997, has its headquarters in Evesham, Worcestershire. Fuller, Smith & Turner is headquartered in London. Fuller’s shares were down 1.5 per cent in London Wednesday morning (October 23rd).
For more information about successfully sourcing, approaching and buying a rival business, see the guide to Acquisition Strategy.
View businesses for sale.
Established in excess of 25 years ago this business specialises in the hiring of marquees for all occasions, offering a complete package which includes marquees with windows and doors, linings, flooring, tables, banquet chairs, lighting, heating, pod...
LEASEHOLD
Well-Established Travel Agency. Double fronted ground floor premises with quality floor, hanging lighting. 2 desks etc. Cloakroom with w.c. & wash hand basin. First floor large storage area. Good trading position, sought after Hampshire Market Town.
LEASEHOLD
This long-established retailer, distributor and brand owner of well-known and trademarked inflatable boats and RIBS, supplies a diverse range of craft into the UK and international pleasure boating, performance recreational and commercial marine mark...
LEASEHOLD
|
27
|
|
Sep
|
52.7k sq ft warehouse in Bangor up for sale in £2.86m auction | COMMERCIAL PROPERTY
A 52,797 sq ft warehouse with four industrial units in Bango...
|
27
|
|
Sep
|
Fashion brand Seasalt explores sale after strong year | BUSINESS SALE
Cornish fashion brand Seasalt is exploring the possibility o...
|
24
|
|
Sep
|
Kingswood reveals extensive pipeline of potential UK acquisitions | BUSINESS NEWS
Wealth and investment management group Kingswood has reveale...
Sign up to receive our acquisition alert emails to get your FREE guide
|
06
|
|
Nov
|
Loungers pub chain on the block | BUSINESS SALE
The majority owners of the Loungers pub chain have decided t...
|
25
|
|
Oct
|
Fuller’s acquires five London pubs | BUSINESS SALE
Fuller, Smith & Turner has announced a strategic acquisition...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources