Mon, 11 Oct 2021 | COMMERCIAL PROPERTY
Cardiff-based brewery and hospitality operator Brains (the brand name of SA Brain & Co) has announced that it has put a portfolio of 99 pubs in Wales up for sale, with offers of over £87.3 million being sought.
The pubs in the portfolio are largely located in South and West Wales, with a number being in the Cardiff, Swansea and Newport areas. Notable pubs included are the Halfway and City Arms in Cardiff, Aberdovey’s Dovey Inn and the Harbour in Solva.
Last year, Brains signed a deal which saw pub firm Marstons take over the operation of 150 pubs on a long-term lease agreement, including the 99 pubs in the portfolio. Of the 99, 93 are freehold, while the remaining six are long-leasehold.
The portfolio is being marketed for sale by property advisor Avison Young, with the aim of selling the package to a single investor.
Peter Constantine, MD of Avison Young’s leisure division, said: "This is a rare opportunity to acquire a large, high-quality package of public houses located in strong trading positions across Wales. They benefit from a secure income stream let to an excellent covenant. We anticipate significant levels of demand as packages of this quality rarely come to the market.”
SA Brain & Co CEO Jon Bridge added: “It has clearly been a challenging period over the last 18 months or so. However, through the steps taken and support we have received from our stakeholders, we continue to brew our famous beers in the heart of Cardiff. There has been a significant amount of interest in the portfolio of pubs and this strategically planned sale is the next step on the positive journey of recovery for Brains."
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