Ultimate Leisure buy Huddersfield bar for £3.3m

Ultimate Leisure has acquired the Cotton Factory bar and lounge in Huddersfield for £3.3m.

The bar operator bought the freehold property from Daisy Chain Inns on a multiple of 8x.

Mark Jones, Ultimate's chairman said: "Some people are paying 10x for restaurant leaseholds, so we think this is great value. I'm delighted that we have acquired this fantastic site in Huddersfield.

"We have been on the lookout for assets in the town for some time and with its outside terrace and high standard of décor the Cotton Factory fits our needs well. It manages to operate an outstanding food business as well as a vibrant bar and upstairs club.

Jones said the site was "a premium business aimed at a more aspirational customer and trades very successfully; we aim to build upon that success. This deal continues our drive to grow and broaden our business".

The acquisition is the first of what Ultimate hopes will a number of deals in 2007, which Jones has previously said may include smaller rival operators as well as single-site transactions.