The premium pubs and hotels business said the transaction includes four freehold and six leasehold properties.
Nine of the pubs are in prime London locations, with one site in Bath.
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Fuller’s said the purchase price, before fees and taxes, represented a multiple of 8.4 times acquired site EBITDA and would be funded through existing debt facilities.
Completion of the four freehold pubs is expected this month, while the six leasehold acquisitions will complete on an asset-by-asset basis, subject to landlord consent.
Estate enhancing
Fuller’s executive chairman Simon Emeny said the business had maintained a “disciplined” acquisition strategy focused on the right assets at the right price.
He said: “This transaction certainly meets these criteria, and I’m delighted to welcome well known gems like the Shipwrights Arms in London Bridge, the Duchess next to Selfridges, and the Blue Anchor in Hammersmith to the Fuller’s family.”
Emeny said the pubs were located in areas where Fuller’s already had a strong presence and knowledge of the customer.
He added: “They are a perfect complement to our existing estate.
“They will provide additional momentum to the strong earnings growth being delivered by our core business. We will update the market further at our interim results presentation later in the year.”
A Stonegate spokesperson told the Morning Advertiser (MA): “As part of our ongoing transformation strategy, we explore all opportunities that create value for the Group. We are pleased to confirm the successful sale of eight pubs to Fuller’s.
“These are fantastic pubs that we are incredibly proud of, and we would like to thank our teams for everything they have achieved with Stonegate. Fuller’s is a business that we greatly admire, and we know that these brilliant pubs, and their teams, will go from strength to strength in the future under their ownership”
Trading momentum
The acquisition follows a strong start to Fuller’s financial year.
In July, the group reported like-for-like sales growth of 5.1% for the first 16 weeks of the year and said positive trading had continued, supported by good weather, the World Cup and activity across its gardens.
Fuller’s full-year results, published in June, showed revenue rose 5.7% to £397.8m for the 52 weeks to 28 March 2026.
At the time, the business also said like-for-like sales in its managed pubs and hotels division were up 4.9%, with drinks up 5.8%, accommodation up 4.9% and food up 3.5%.
The transaction comes after the Pubs Code Adjudicator launched a formal investigation into Stonegate’s treatment of tied tenants in July, though the regulator said it had not reached any conclusions on whether the pubco had breached the Pubs Code.
