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).
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