Wetherspoon buys four Laurel sites

By The PMA Team

- Last updated on GMT

Related tags Renting Landlord Oxford

Wetherspoon buys four Laurel sites
JDW has acquired four former Laurel pubs and is looking at five more

JD Wetherspoon has acquired four of the former Laurel leasehold pubs in administration for a nil premium - and is looking at buying a further five or so.

The company has acquired a Hogshead in Weymouth, a Slug & Lettuce in Oxford, a Bar Med in Shrewsbury and a Bar Med in Bournemouth.

The Weymouth Hogshead site has the lowest rent of the ten Hogshead sites in administration, with a rent of just £35,000 per annum compared to the next lowest which is Hull with a rent of £50,000 per annum.

The Slug & Lettuce in Oxford has a rent of £170,000 per annum while the Shrewsbury site carries a rent of £90,000.

The Bournemouth venue has a rent of £113,000 per annum.

The acquisitions will give JD Wetherspoon a second venue in a number of the towns, although the Oxford site is its first in the city centre.

Its other Oxford pub is in Cowley.

Chief executive John Hutson (pictured​) said the cost of converting the four sites to JDW venues would be in excess of £1m.

The normal fit-out cost for one leasehold site is £1.1m.

He said: "The fixtures and fittings have been taken at these sites, which are in varying states of disrepair.

"The fit-out might cost a bit more than £1m altogether for the four sites.

"They are fairly fully rented - that's the main risk."

Hutson said the company had moved quickly on the first four venues because they had attracted a fair amount of interest.

The other sites the company is looking at have had less interest from rival bidders.

Related topics Legislation JD Wetherspoon

Property of the week


£ 60,000 - Leasehold

Busy location on coastal main road Extensively renovated detached public house Five trade areas (100)  Sizeable refurbished 4-5 bedroom accommodation Newly created beer garden (125) Established and popular business...

Follow us

Pub Trade Guides

View more