Faucet Inns snaps up six M&B pubs
South East pub operator Faucet Inns has acquired six pubs from Mitchells & Butlers (M&B) for £17.5m, thepublican.com understands.
The sites include one of London's most iconic gay pubs, Compton's, on Old Compton Street in London's Soho district.
The companies are understood to have exchanged on the pubs last Friday.
Faucet Inns runs more than a dozen pubs in London and the South East.
In February this year the group underwent a pre-pack administration which saw founder Steve Cox buy back a number of sites from administrators Baker Tilly.
M&B is in the process of selling off non-core sites and converting better performing wet-led operations to more food-focused pubs as part of a shift towards increasing its presence in the eating out market.
It recently sold 333 mainly wet-led pubs to private equity firm TDR Capital for £373m, and before that offloaded its Hollywood Bowl bowling alley interests to AMF Bowling for £39m.
