Fuller's and Yates put pub packages on the market

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London brewer Fuller's and bar operator Yates Group are shaking up their pub estates by putting packages on the market.Fuller's has put its six...

London brewer Fuller's and bar operator Yates Group are shaking up their pub estates by putting packages on the market.

Fuller's has put its six remaining Broadwalk chameleon bars up for sale after selling the seventh in Slough, Berkshire.

And Yates has put 18 outlets on the market, including nine of its Wine Lodges, five Blob Shops and four Addisons.

Fuller's is selling the Broadwalk chain, which was created three years ago, to focus its bars division on other concepts such as The Fine Line.

The Broadwalks are large pubs that specialise in food during the day and become popular party venues at night. The outlet in Port Solent marina in Portsmouth, Hampshire, was the highest-earning pub in the entire Fuller's estate.

A spokeswoman said: "It was a very successful brand, but Fuller's decided that, to realise its full potential, it needed the support of a high street operator behind it."

Yates is offering its 18 sites in two packages, split between the North and the South.

It is restructuring its 157-strong estate as part of its efforts to turn around the business, which suffered a slump in pre-tax profits last year.

Despite the proposed disposal, Yates said it was still opening six new Yates's and six new Ha! Ha! Bar & Canteen branches this year.

A Yates spokesman said: "Following a strategic review, the Yates Group has opted to sell 18 outlets.

"They are not compatible with the commercial objectives set out to move the Yates estate forward."

Yates is recovering from problems in rolling out its new-look Wine Lodges, now generally known as just Yates's. It was also hit by falling margins because of an aborted policy of raising prices at peak times.

Earlier this year, it received an approach from a potential buyer, thought to be bar operator Luminar, but it did not believe the price was high enough.

This was followed by the resignation of chairman and chief executive Peter Dickson, who was a descendant of founder Peter Yates.

Next month, Stevan Fowler will join as finance director from textile dyes maker Yorkshire Group, where he is group finance director. He was previously at paint manufacturer Kalon Group for 12 years in various senior financial roles. He will replace Jerry Green who left in April.

Related stories:

Yates rebuilds team with new finance director (1 August 2001)

Chariman of Yates Group resigns (5 July 2001)

Yates presses on after takeover talks end (24 June 2001)

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