City Pub Group PLC (The) Acquisition of two high quality pubs (2630O)
02 10월 2023 - 3:00PM
UK Regulatory
TIDMCPC
RNS Number : 2630O
City Pub Group PLC (The)
02 October 2023
2 October 2023
The City Pub Group plc
(the "Group")
Acquisition of two high quality pubs
The City Pub Group plc (AIM: CPC), the owner and operator of 52
premium pubs across Southern England and Wales, today announces the
completion of the acquisition of two additional pubs in London's
Soho and in Oxford.
The Group has acquired a premium freehold investment which is
currently operated as Simmons Bateman Street. The pub is in the
heart of Soho and currently generates approximately cGBP260k per
annum in rent. The next rent review is October 2027, the rent is
subject to an RPI increase subject to a cap and collar. The lease
has 16 years remaining. The Group has acquired the freehold for a
cash consideration of cGBP3.875m from Consolidated St. Giles
LLP.
The Plough, Oxford is a leasehold pub located on the Cornmarket
in the centre of Oxford. One of Oxford's oldest pubs, it benefits
from 150 internal covers and 70-80 external covers. The Group has
acquired the leasehold interest (9 years unexpired) for a cash
consideration of cGBP330k from 1855 Cornmarket Limited. The annual
net turnover of the pub in 2022 was approximately GBP1.45m with
estimated pub EBITDA of GBP350k. The Group intends to reposition
the offer after a modest refurbishment whilst ensuring it maintains
the pub's unique heritage.
Clive Watson, Executive Chairman of City Pub Group, 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. 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.
"The Group will continue to look at further acquisitions which
are located in areas where we already have a presence.
"As stated in our recent results statement, we are looking at
similar acquisitions to complement our premium pub portfolio as
well as continued focus on organic sales growth."
Enquiries:
City Pub Group Today: via Instinctif
Clive Watson, Executive Chairman
Holly Elliott, CFO
Instinctif Partners
Matthew Smallwood
Justine Warren
Guy Scarborough +44 (0) 20 7457 2020
Liberum (Nomad & Joint Broker)
Chris Clarke
Edward Thomas
Kane Collings +44 (0) 20 3100 2000
Panmure Gordon (UK) Limited
(Joint broker)
Simon French
Ailsa Macmaster
Rupert Dearden +44 (0) 20 7886 2500
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END
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