Fuller, Smith & Turner buys 10 pubs in London, Bath for GBP35 million

Fuller, Smith & Turner PLC on Tuesday said it will purchase 10 pubs from fellow pub operator Stonegate Pub Co Ltd and an unnamed institutional property investment company.

Fuller's shares were up 1.1% at 727.60 pence midday Tuesday in London.

London-based Fuller's will pay Solihull, West Midlands-based Stonegate £35.3 million for the 10 pubs, 9 of which are located in London and 1 in Bath. The price represents a multiple of 8.4 times the earnings before interest, tax, depreciation and amortisation of the acquired pubs.

Fuller's said the purchases will be funded from existing debt facilities.

The purchase of four of the pubs that are freeholds will be completed in September, while the other six, which are leasehold, will be completed one by one, as they are subject to landlords' consent.

Fuller's currently operates 194 managed pubs and hotels across southern England.

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