The refinancing provides the business with “significant headroom” to pursue further growth through appropriate acquisitions and to enhance returns for shareholders, it said.
In January, Fuller’s completed the share buyback programme, resulting in the repurchase of 6.5m ‘A’ shares, which were repurchased at an average price of £6.13 - representing a 26% discount to the £8.30 price of the 6.5m ‘A’ share equity placing in 2021.
Furthermore, the company has exchanged contracts to acquire the freehold of the White Swan in Twickenham, south-west London, which is due to complete next week (Wednesday 19 March).
Strong year
Moreover, Fuller’s has completed a full buy-in of the company’s pension plan with Legal & General, which it said further demonstrated the financial strength of the business and reduce the exposure to future liabilities.
The company also said trading momentum continued to be strong and it was confident market expectations will be delivered as it nears the end of its financial year on 29 March 2025.
Chief executive Simon Emeny said: “With just two weeks to go, we have had a very strong year and to cap it off with such an excellent new acquisition is the icing on the cake.
“The White Swan is a riverside gem in Twickenham and we look forward to welcoming the team there into the Fuller’s family.”
Meeting market expectations
He added: “We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges.
“We remain confident and optimistic about the future of our business and will continue to allocate capital to drive long-term growth and returns for shareholders.”
At the beginning of the year, the business reported a 5.9% increase in like-for-like sales, with “really strong” trading over the festive period in an update for the 41 weeks to Saturday 11 January 2025.
Prior to that, Fuller’s saw a 5.4% uplift in like-for-likes during the first 32 weeks of 2024.
Last year, the business also acquired Lovely Pubs for a total consideration of £22.5m.
