Pub operator Young & Co (AIM:YNGA) has struck a deal to snap up the London-based Cubitt House chain of gastropubs.
The acquisition brings eight leasehold pubs, some of which with bedrooms in Belgravia, Marylebone, Chelsea, Mayfair and Notting Hill, as well as a ninth in development.
Young's said the deal "aligns closely" with its strategy to grow in London with "well-invested pubs in prime locations", adding it has "closely followed" the Cubitt House business and "recognises the strong culture and exceptional teams that have contributed to its success".
The acquisition will be funded from existing banking facilities and is expected to complete later this month.
Young's CEO Simon Dodd, CEO said: "We are delighted to be adding this collection of iconic pubs and pubs with rooms to the Young's estate. Located in some of London's most affluent neighbourhoods, these premium sites align perfectly with our strategy to selectively expand our business."
The pubs are The Alfred Tennyson, The Orange and The Thomas Cubitt in Belgravia; The Coach Maker's Arms and The Grazing Goat in Marylebone; The Barley Mow in Mayfair; The Builders Arms in Chelsea; and The Princess Royal in Notting Hill. The pub in development is in Belgravia.