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JDW confirms it bid for Sports Bar & Grill but denies valuations

By James Wallin, M&C Report

- Last updated on GMT

Related tags: Sports bar, Public house

Tim Martin: 'We pulled out of the transaction following further inspection of the sites, leases and licences'
Tim Martin: 'We pulled out of the transaction following further inspection of the sites, leases and licences'
JD Wetherspoon has confirmed its recent interest in Sports Bar & Grill, but denied the reported valuation and suggestions that it dropped its bid by £4m one day ahead of completion.

The Publican's Morning Advertiser​'s sister title M&C Report​ last month exclusively revealed that JDW led a field of bidders for the six Sports Bar & Grill branded outlets with an offer believed to be just under £15m, and that sources indicated the company reduced its offer by £4m one day ahead of completion — the deal collapsing as a result.

However, in a statement this week, JDW chairman Tim Martin said the company “did not bid this amount of money for the sites, and a substantially lower bid was accepted”.

He added: “We pulled out of the transaction following further inspection of the sites, leases and licences and did not, as reported, reduce the bid by £4m one day ahead of completion. The press reports on this aborted transaction have been highly inaccurate in material areas and it is important to correct these inaccuracies.”

Bids for the Sports Bar & Grill estate of Marylebone, Victoria, Farringdon, Waterloo, Piccadilly and Canary Wharf Crossrail (which opens in May) did not include parent company Bar Sport’s Fitzrovia Belle pub on Tottenham Court Road, which would have remained under the ownership of MD David Evans. Thus a circa £15m bid for Sports Bar & Grill would have valued the entire business at around £17m.

Related topics: JD Wetherspoon

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