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FULLER,SMITH & TURNER PLC M&A Activity 2024
5193_rns_2024-05-29_2160e7bf-7482-4758-809c-d35617242bf7.html
M&A Activity
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National Storage Mechanism | Additional information
Fuller, Smith & Turner PLC (FSTA)
Fuller, Smith & Turner PLC: Disposal
29-May-2024 / 07:00 GMT/BST
29 May 2024
FULLER, SMITH & TURNER P.L.C.
Disposal
Fuller, Smith & Turner P.L.C. (“Fuller’s” or “the Company”), the premium pubs and hotels business, announces that it has agreed terms to sell a portfolio of pubs from its Tenanted Inns Division to Admiral Taverns Limited (“Admiral”).
The cash sale proceeds for the portfolio is £18.3 million, a premium of £1.6 million to the gross asset value of £16.7 million. The portfolio of 37 pubs generated £1.3 million of profit before tax for the 52 weeks to 30 March 2024. The proceeds from the sale will further strengthen the Company’s balance sheet, enabling additional investment in its pubs, as well as supporting future acquisition opportunities, as appropriate.
Fuller’s is committed to owning and operating both Managed and Tenanted pubs as an integral part of the Company’s future strategy. However, the Company proactively manages its pub estate, continually evaluating strategic opportunities and believes that the disposal of this portfolio to Admiral allows the Company to focus on the development of its retained Managed and Tenanted estates.
It is anticipated that the disposal will complete on 25 June 2024. Following completion, Fuller’s will have 154 pubs within its Tenanted Inns Division to complement the 179 properties in its Managed Pubs and Hotels Division.
The Company was advised on the transaction by Sapient Corporate Finance.
[End]
For further information, please contact:
Fuller, Smith & Turner P.LC.
Simon Emeny, Chief Executive 020 8996 2000
Neil Smith, Finance Director 020 8996 2000
Georgina Wald, Corporate Comms Manager 020 8996 2198 / 07831 299801
Instinctif Partners
Justine Warren 020 7457 2020
Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse Regulation (MAR), transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
| ISIN: | GB00B1YPC344 |
| Category Code: | DIS |
| TIDM: | FSTA |
| LEI Code: | 213800C7ACOFMRCQQW76 |
| OAM Categories: | 2.2. Inside information |
| Sequence No.: | 324369 |
| EQS News ID: | 1913053 |
| End of Announcement | EQS News Service |