CITY BRIEFS
Fuller's offer for Gale's now unconditional
Fuller, Smith & Turner's £91.8m offer for George Gale & Co has been declared unconditional. The Gale's estate of 111 sites - comprising 42 managed houses and 69 tenanted pubs - will take Fuller's pub estate to 361. No decision regarding the future of the brewery and its beer brands will be made until after Fuller's has completed a strategic review of the business. Managing director Michael Turner said: 'Gales operates an excellent estate, which can be brought into the Fuller's estate with little adaptation, and a number of well-respected brands that will enhance our portfolio. This is an extremely important transaction for both businesses, putting the combined group on a sound footing for future growth.'
Provence sells Wales site for £275,000
Pub-owning company Provence has sold a pub in Wales for £275,000 at an auction organised by Cushman & Wakefield Healey & Baker. Provence has promised a rent of £35,000 per annum on a lease for 35 years, offering a yield of 12.7% for the buyer. The pub, the Twynyffrwd, near Pontypool, Gwent, was previously owned by Pubfolio.
Ship & Shovel freehold is up for grabs
The freehold of the Ship & Shovel pub in Craven Passage, Charing Cross, London, is being offered as an investment purchase at a Barnett Ross auction on 14 December. The pub is tenanted by Hall & Woodhouse on a 30-year lease that started in 1998. Income from the pub and a third-floor flat is £43,500 per annum and the guide price between £750,000 and £800,000.
PWC predicts £2m-plus from SFI rump
SFI Group administrator PriceWaterhouseCoopers (PWC) has stated that it expects to raise slightly more than the original top-of-the-range estimate of £2m from the sale of the 'rump' of the company. Laurel acquired 98 SFI sites for £80m in June and the £2m-plus is the proceeds from the remaining 52 pubs. Spokesman David Chubb said: 'Of the 150 SFI sites, we've sold 110 - all leases.'
Pub People Co spends £300,000 on Anvil
The Pub People Company has purchased the Anvil pub in Calow, near Chesterfield, Derbyshire, as part of its expansion programme. The company paid £300,000 for the village pub and is to inject a further £200,000 to renovate and refurbish it in 2006. It currently operates 67 pubs in Yorkshire and the Midlands from its head office near Chesterfield. The pub was sold through the Nottingham office of business sales agent Davey & Co.
JDW opens £1.2m non-smoking pub site
JD Wetherspoon has opened a pub in Telford, Shropshire, following a £1.2m development project. The Thomas Botfield is located in Telford shopping centre, in Sherwood Street. The pub, managed by Clare Stirrup, is completely non-smoking throughout. It is named after a Telford industrialist and entrepreneur from the 18th century. Stirrup said: 'The pub has been welcomed by people in the town, who particularly like the fact that it is a non-smoking venue.'
Sheps announces £650,000 Vine revamp
A historic pub in Kent is set for a renaissance after brewer Shepherd Neame announced a £650,000 refurbishment plan. Proposals for the Vine Inn in High Street, Tenterden, will transform it into a food-led community pub. Originally built in the 18th century, the building will be brought up-to-date while remaining sympathetic to its heritage.
Club investment fetches £1m at auction
A freehold nightclub investment in Cleveland has been sold at a Cushman & Wakefield Healey & Baker auction for £1.06m. The nightclub, in Whitby Street, Hartlepool, is tenanted by Candu Entertainment, paying a rent of £75,000 per annum.
Living Ventures enters growth list
Bar operator Living Ventures is the UK's 34th fastest-growing company and highest-placed pub-sector operator in the top 100 growth companies list compiled by The Sunday Times. Sales at Living Ventures jumped from £2.47m in 2001 to £19.55m last year. Gordon Ramsay Holdings was at 54th with sales up £4.95m to £30.95m.
M&B to axe food if smoke plan imposed
Mitchells & Butlers has vowed to remove food from 400 of its pubs - 20% of the estate - if the Government goes ahead with its plans to ban smoking from venues that serve food. M&B chief executive Tim Clarke said the company would be 'commercially advantaged' by closing kitchens at the 400 venues where food accounts for under 10% of sales. Overall, turnover was up 4.6% to £1,662m and profit before tax up 10.4% to £195m.
