Fuller, Smith & Turner PLC: Acquisition of Lovely Pubs

6 August 2024

FULLER, SMITH & TURNER P.L.C.

Acquisition of Lovely Pubs

Fuller, Smith & Turner P.L.C. (“Fuller’s” or “the Company”), the premium pubs and hotels business, today announces it has completed the purchase of Lovely Pubs, a collection of seven fantastic pubs in Warwickshire, six of which are freehold, for a total consideration of £22.5 million.

The pubs, which include one with 16 boutique bedrooms, are a highly complementary addition to Fuller’s existing portfolio of pubs and hotels in neighbouring counties. They align perfectly with the Company’s vision and strategy, offering outstanding service and a premium food and drink offer.

In the last reported financial year, the group being acquired generated EBITDA of £3.1 million. The acquisition is expected to be earnings enhancing in the first full year and will be funded from existing banking facilities. CBRE acted as advisors on the deal.

Chief Executive Simon Emeny said: “I’m delighted to be announcing the acquisition of Lovely Pubs. These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location. We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family.”

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For further information, please contact:

Fuller, Smith & Turner P.L.C.

Simon Emeny, Chief Executive (press)  020 8996 2000

Neil Smith, Finance Director (analysts)  020 8996 2000

Georgina Wald, Corporate Comms Manager               020 8996 2198

Instinctif Partners

Justine Warren     020 7457 2010

Notes to Editors:

Fuller, Smith & Turner PLC is the premium pubs and hotels business that is famous for beautiful and inviting pubs with delicious fresh food, a vibrant and interesting range of drinks, and engaging service from passionate people. Our purpose in life is to create experiences that nourish the soul. Fuller’s has 185 managed businesses, with 1,025 boutique bedrooms, and 154 Tenanted Inns. The Fuller’s pub estate stretches from Brighton to Birmingham and from Bristol to the Greenwich Peninsula. Our Managed Pubs and Hotels include Cotswold Inns & Hotels – seven stunning hotels in the Cotswolds, and Bel & The Dragon – six exquisite modern English inns with boutique rooms located in the Home Counties. In summary, Fuller’s is the home of great pubs, outstanding hospitality and passionate people, where everyone is welcome and leaves that little bit happier than they arrived.