Tue, 27 Apr 2021 | BUSINESS SALE
Community pub firm Hawthorn has announced the acquisition of 14 pubs from operator and brewer Everards, as the recent surge of M&A in the pub sector continues.
The 14 pubs have been acquired for an undisclosed fee and have not been named, but are said to largely be suburban and neighborhood sites within the East Midlands.
Everards targeted a sale to Hawthorn after conducting a review of its pub estate. The company's pubs, which numbered around 170 prior to the Hawthorn sale, had remained fully let as of the end of last March, despite the impact of COVID-19.
Following the acquisition, the pubs will join Hawthorn’s growing network of around 700 community pubs around England, Scotland and Wales, which are either leased, tenanted or operator managed.
During the COVID-19 pandemic, Hawthorn has provided its partners and operators with more than £8 million in rent support, whilst ploughing £10 million in CAPEX investment into renovating and refurbishing its pubs ahead of the easing of lockdown.
Hawthorn Chief Executive Mark Davies said: "We are really pleased to announce the purchase of 14 high-quality community pubs from Everards. All of the pubs, which are fully let, have been very well-operated by Everards and its business owners and we share a strong community ethos with Everards that makes this a seamless transaction for both parties.”
Everards Managing Director Stephen Gould commented: "Following a review of our pub estate, we presented 14 pubs as an acquisition opportunity to Mark and his team and are pleased to get a deal done during lockdown.”
“The whole team at Hawthorn have been a delight to work with and I know that our business owners will be in good hands working with a company with similar values to our own. The deal positions Everards well for continued investment into our pub estate, acquisitions and Everards Meadows, our 90-acre leisure and tourism development in Leicestershire."
Read more about how pub companies are gearing up for the end of lockdown with M&A activity.
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