29th Apr 2009 07:00
Fuller, Smith & Turner P.L.C. (`Fuller's' or `the Company') Fuller's acquires The Round House, Covent Garden
Fuller, Smith & Turner P.L.C. today announces an agreement to purchase The Round House, a freehold London pub, from Punch Taverns PLC ('Punch Taverns') for a total consideration of £3.3 million. The purchase will be paid for in cash, financed from existing facilities, and is expected to complete on 14th May 2009.
As a managed pub under Punch Taverns' ownership, the house generated £0.4m of earnings before interest and tax in the 53 week period to 23rd August 2008. As at 7th March 2009, the asset had a book value in Punch Taverns' accounts of £ 3.4 million.
The Round House will be run as a managed pub, bringing Fuller's total managed pubs and hotels estate to 163 and the total estate size, including leased and tenanted pubs, to 366. The acquisition is expected to have a positive impact on earnings immediately from completion.
Commenting on the acquisition, Michael Turner, Chairman of Fuller's, said: "I am delighted that Fuller's has been able to add The Round House to our quality estate.
"The acquisition of this classic Victorian pub, in the heart of Covent Garden and London's theatreland, is a further indication of Fuller's commitment to expanding our estate with the very best pubs when the opportunities arise."
ENDS
FULLER SMITH & TURNER PLCRelated Shares:
Fuller Smith & Turner