M&B spends £13.3m acquiring four pubs

By John Harrington

- Last updated on GMT

Related tags: Convivial london pubs, London

The newly acquired pubs will join M&B's Castle estate
The newly acquired pubs will join M&B's Castle estate
Mitchells & Butlers (M&B) is to spend more than £13.3m buying four sites from Convivial London Pubs, including the Mitre Hotel in Greenwich, south-east London, which had a guide price of £6m.

The other sites are: the Lamb Brewery, Chiswick, west London, which was on the market for offers in excess of £2.8m; the Crown & Anchor, Chiswick (offers in excess of £2m); and the Botanist Brewery, Richmond, south-west London (offers in excess of £2.5m). The target completion date is 30 October.

The sites will join M&B’s Castle estate of pubs.

Christie+Co, which has been marketing the pubs, said Convivial’s remaining sites — the Clifton in St John’s Wood, north-west London, and the Hansom Cab in Kensington, central London — are under separate offer from individual buyers. They’re on target to exchange and complete by mid November.

Quality

The agent said: “The Convivial board is pleased with all the prices agreed.

“They are in excess of the original guide prices and demonstrate the high quality of the estate, as well as the considerable efforts of the management team.

“The board confirms its intention to conduct a managed voluntary liquidation of the company and to return value to its shareholders as soon as possible.”

Related topics: Mitchells & Butlers

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