Tue, 03 Oct 2023 | COMMERCIAL PROPERTY
City Pub Group has continued its M&A-driven growth, acquiring sites in London’s Soho and Oxford in an investment of more than £4 million. The acquisitions bring the group’s total portfolio across the south of England and Wales to 54 sites.
The group has acquired the freehold for cocktail bar Simmons Bateman Street in Soho, London for approximately £3.875 million from Consolidated St Giles LLP. The leasehold on the bar has 16 years remaining and it currently generates rent of £260,000 per year.
In Oxford, meanwhile, the firm has acquired the Plough, one of the city’s oldest pubs, for around £330,000. The Plough, which has been acquired on a leasehold basis, has room for 230 covers and generated revenue of £1.5 million in 2022. The group said that the pub would undergo “modest refurbishment”, with the aim of preserving the pub’s heritage features.
Following the acquisitions, the company has said that it is focusing on organic sales growth and will also continue to target similar pub and bar acquisitions in areas in which it already operates.
Commenting on the acquisitions, City Pub Group Executive Chairman Clive Watson said: "We are delighted to secure the acquisition of these two pubs both of which are in locations where we have existing pubs nearby.”
"Soho is a fantastic trading locale with high footfall from tourists, theatre goers and residents alike and we're confident the acquisition will be a good long term investment.”
Watson added: “The Plough is in the heart of Oxford, traded extremely well last year and we have exciting plans to reposition it to further maximise its potential.”
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