Young & Co's Brewery picks up London pub and hotel chain Cubitt House
Young & Co’s Brewery PLC on Wednesday announced the acquisition of Cubitt House London Pubs for an undisclosed sum.
The London-based pub and hotel operator said the deal ‘aligns closely’ with its strategy to grow in London and operate ‘well-invested pubs in prime locations’.
No financial details were disclosed but Sky News said late Tuesday that the acquisition, from private equity investors behind Stonegate Group, the UK’s largest pubs operator, was in the region of £30 million, citing industry sources.
The acquisition will be funded from existing banking facilities and is expected to complete on April 22.
Under the deal, Young’s is buying eight leasehold pubs and pubs with bedrooms in west London, and a ninth pub in Belgravia, that is currently being developed.
‘Located in some of London’s most affluent neighbourhoods, these premium sites align perfectly with our strategy to selectively expand our business,’ said Young’s Chief Executive Simon Dodd.
Shares in the company rose 4.1% to 800.50 pence each in London on Wednesday morning.
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