JW Lees set to splash the cash on new pubs

By John Harrington

- Last updated on GMT

Related tags: Scotland

William Lees-Jones  is looking to expand the company's pub estate
William Lees-Jones is looking to expand the company's pub estate
JW Lees managing director William Lees-Jones expects the company to spend between £10m and £15m buying 15 pubs a year.

It represents a scaling up of the expansion, with Lees-Jones telling M&C Report​ in April he expected to add 10 sites a year.

The Manchester-based brewer and pub operator grew pre-tax profits by 23.1% to £5.9m in the year to 31 March on turnover up 5.2%
to £59.2m.

This year it secured a £10m facility from the Royal Bank of Scotland to aid acquisitions. Lees-Jones said: “We are sitting on quite a lot of cash earmarked for expansion.”

The firm bought four sites and sold eight in the previous financial year. It invested in a third of its estate in 2012/2013, spending an average of £50,000 per site, at 55 pubs.

Lees-Jones described conditions in September and October as “horrible” but festive bookings are “better than ever”.

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