Fuller Smith & Turner PLC (AIM:FSTA) has completed the purchase of a seven-strong portfolio of Warwickshire-based pubs for £22.5 million.
The Lovely Pubs outlets, which include one with 16 boutique bedrooms, “are a highly complementary addition to Fuller’s existing portfolio of pubs and hotels in neighbouring counties”, the Chiswick pubco said in a statement.
Lovely Pubs generated £3.1 million in adjusted earnings in its most recent financial year.
The acquisition, which is being funded through existing bank facilities, is expected to be earnings-enhancing in the first full year post-acquisition.
Fuller’s chief executive Simon Emeny said: “These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location.
“We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family.”
The acquisition comes a few months after a recent move from Fuller to sell off other parts of its real estate portfolio, including in May the sale of 37 pubs from its tenanted division to Admiral Taverns for £18.3 million.
“The proceeds from the sale will further strengthen the company’s balance sheet, enabling additional investment in its pubs, as well as supporting future acquisition opportunities, as appropriate,” Fuller’s said at the time.