City Pub Group spends £8.1m on four new sites
London pubs the Travellers Friend in Woodford and two Jam Tree pubs in Chelsea and Clapham, have been added to the City Pub Group’s pub portfolio following their acquisition, while the company has exchanged on a premium café-bar on Brighton’s seafront.
The acquisitions will increase the total number of venues under the City Pub Group’s estate to 46 once exchanged pubs are completed and sites under development have opened.
Freehold pub the Travellers Friend, known locally as 'the Spivs', dates back to the 1840s and was acquired from private owners while the leasehold Jam Tree sites were purchased from a small independent pub company.
The seafront Brighton venue is a long leasehold from Brighton City Council and joins two other City Pub Group sites in the East Sussex coastal city.
Clive Watson, chairman of the company, said: “The purchase of these pubs demonstrates City Pub Group’s broad acquisition network.
“All fit our criteria and will sit well alongside our existing sites. The Travellers Friend, the two Jam Tree sites along with the new Brighton seafront venue will help position the business for future growth and expansion in 2019. The existing trading estate further underpins our expectations for 2018.
“Our pipeline remains strong with further deals currently being appraised. Our strong balance sheet will enable us to capitalise on these. We are now being offered pubs from many sources and we are able to transact at attractive prices in a buyer’s market.
“We are confident that we will own about 50 pubs by the end of this year, ahead of the plan set at IPO and have the potential to continue to grow the estate faster than planned.”
In the same acquisitions update, the City Pub Group announced that the Old Ticket Office in Cambridge, and the Pontcana Inn, Cardiff, have both now opened.
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