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Fuller’s has acquired the Lovely Pubs chain, comprising seven pubs in Warwickshire, in a £22.5 million transaction. The acquisition includes six freehold locations and one pub with a 16-bedroom inn, marking a significant expansion of Fuller’s presence in the Midlands and a strategic move beyond its West London base.
Following the sale of its brewing division to Asahi in 2019, Fuller’s anticipates that the Lovely Pubs acquisition will positively impact earnings in the first full year of ownership. This purchase comes shortly after the company sold 37 pubs in London to Admiral Taverns for £18.3 million and the Mad Hatter pub in Southwark for £20 million.
In June, Fuller’s reported a 40% increase in profit before tax for the year ending March 30 and continued growth in a trading update for the 16 weeks to July 20. The company has also significantly reduced its debt, with net debt falling to £92 million by the end of July, positioning it well for future acquisitions.
Simon Emeny expressed enthusiasm about the acquisition, stating that the seven new sites align perfectly with Fuller’s existing portfolio in both operational style and location. CBRE, the US commercial property firm, facilitated the transaction between Fuller’s and Lovely Pubs.
