Fuller, Smith & Turner snaps up Warwickshire pub chain for £22.5m
Fuller Smith & Turner
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16:40 09/09/24
Fuller, Smith & Turner has announced the acquisition of seven Warwickshire pubs with the £22.5m takeover of Lovely Pubs.
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The pubs, six of which are freehold, are a "highly complementary addition" to Fuller's existing portfolio in the Midlands region, the company said in a statement on Tuesday.
"They align perfectly with the company’s vision and strategy, offering outstanding service and a premium food and drink offer."
Lovely Pubs, which generated £3.1bn in EBITDA in its last financial year, is expected to enhance earnings for Fuller's in its first full year of ownership.
"I’m delighted to be announcing the acquisition of Lovely Pubs," said chief executive Simon Emeny.
'"These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location. We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family.”
The stock was down 2.6% at 688p by 1531 BST.