30th Jul 2018 13:29
LONDON (Alliance News) - City Pub Group PLC said Monday that it has acquired three new pubs in London and has exchanged contracts on an additional pub in Brighton, England, for a total cost of GBP8.1 million in cash.
The three new London sites include the Travellers Friend in Woodford and two Jam Tree pubs in Chelsea and Clapham. The company has also exchanged on a sea-front bar in Brighton, adding to the company's two other existing Brighton pubs.
Chairman Clive Watson said the company is confident to own around 50 pubs by the end of 2018 and has the potential to continue to grow the estate "faster than planned."
Following completion of the acquisitions, City Pub will have 46 trading site. The acquisitions are being funded from existing cash resources of the company.
The company expects to announce its interim results for the six months ending June 30 in mid-September.
Shares in City Pub Group were up 0.5% at 232.20 pence each on Monday afternoon.
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