We bring you the latest top news in the industry from this week.
JD Wetherspoon could have 30 pubs in Ireland:
JD Wetherspoon chairman Tim Martin has told Propel he believes the company could have a 30-strong estate in Ireland. The company currently operates five sites in the country with four more opening in the next year – two in Dublin, one in Carlow and one in Waterford. Speaking following the company’s second quarter trading update, Martin said: “We are spending quite a bit of capital in Ireland. It’s a competitive market but we could have 30 pubs, depending if we can find the right sites of course.” Martin said with interest rates remaining historically low, it would continue to buy freeholds of pubs where it was a tenant having spent £56m in the year to date.
Stonegate Pub Company buys up Fever Bars:
Stonegate Pub Company has acquired six sites from Novus Leisure, as well as buying Bar Fever Limited. Bar Fever operates 32 venues, which mainly comprise late-night bars, in urban areas throughout England – operating under a variety of brands like Fever, Boutique, Zinc and Moo Moo.
It has been confirmed that Stonegate has also exchanged contracts to purchase six more bars from Novus Leisure, all of which are in prime central London locations, which follows from its July 2018 acquisition of15 late-night Novus venues.
Charles Russell Speechlys advised Stonegate Pub Company on both acquisitions. The company has advised Stonegate since the operator first emerged onto the UK pub scene in 2010 with the acquisition of 333 sites from Mitchells & Butler, and has recently advised Stonegate on the acquisition of Sports Bar and Grill, the Be At One cocktail bar chain and the acquisition of 15 Novus bars.
Young’s buy Redcomb Pub’s for £34m:
Multi-site operator Redcomb Pubs, founded by managing directors Dan Shotton and Mark Draper, has sold the group to Young & Co’s for £34 million on a cash-free and debt-free basis, representing a multiple of 8.5 x Ebitda. The 15-strong portfolio of pubs and bars situated within prime locations across London, the home counties and the South West will be transferred to Young’s managed estate division, bringing their total number of managed houses to 200. Launching in 2010, Redcomb Pubs has become a major player within the independent pub company sector, diversifying and expanding its portfolio through strategic acquisition, the incorporation of a number of sites with rooms and more recently, launches within the London bar and restaurant scene.
Leased pubs are in demand, says Star Pubs & Bars:
Star Pubs & Bars has reported an increased demand for its leased pubs amid general concerns about the UK economy. The national pub group has revealed its latest recruitment figures, which show pubs taking on a lease were up a third at the end of 2018 compared to the end of 2017, and applications for pubs were up 12.5%.
This demand shows “no sign of abating” according to Star.
Interest in Star Pubs & Bars’ managed operator Just Add Talent pubs has also been strong, with the pub company attributing this to the quality and location of the available sites and the financials of the deal for operators.
These headlines have been sourced from Headlines/articles taken from Propel Info, Pub & Bar and Big Hospitality.