REG-Fuller, Smith & Turner PLC Fuller, Smith & Turner PLC: Acquisition of Cotswold Inns & Hotels

Fuller Smith & TurnerAnnouncement

23/10/2019 09:10

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   Fuller, Smith & Turner PLC (FSTA)
   Fuller, Smith & Turner PLC: Acquisition of Cotswold Inns & Hotels

   23-Oct-2019 / 09:08 GMT/BST
   Dissemination of a Regulatory Announcement, transmitted by EQS Group.
   The issuer is solely responsible for the content of this announcement.

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   23 October 2019

     Acquisition of Cotswold Inns & Hotels by Fuller, Smith & Turner P.L.C.

   Fuller, Smith & Turner P.L.C. ("Fuller's"), the premium pubs and hotels
   business, today announces it has exchanged contracts to acquire Cotswold
   Inns & Hotels Ltd ("Cotswold Inns & Hotels" or "the Acquisition") for a
   total consideration of £40 million.

   The Acquisition comprises a collection of seven high quality, freehold
   country inns and hotels and eight freehold staff cottages in the
   Cotswolds, together with two vibrant leasehold bars in Birmingham's city
   centre. It is envisaged that all employees will transfer with the
   Acquisition. An eighth hotel (The Broadway Hotel) does not form part of
   the Acquisition and is being retained by the current owners.

   Cotswold Inns & Hotels was founded in 1997 by Michael and Pamela Horton.
   In the financial year ended 30 September 2018, the properties being
   acquired generated revenue of £17.5 million and site EBITDA of £3.4
   million with a gross asset value of £31.5 million.

   The Acquisition will be funded from existing banking facilities and is
   expected to complete on 31 October 2019.

   Fuller's Chief Executive Simon Emeny said: "The inns and hotels being
   acquired are all iconic, character properties in sought-after locations in
   the Cotswolds. They will further enhance our existing portfolio of premium
   hotel accommodation, adding 201 stylish bedrooms.

   "A number of the sites have further development potential and Cotswold
   Inns & Hotels benefits from an established function business, spanning
   both leisure and corporate custom as well as weddings.  We expect to
   realise further benefits from bringing the properties into Fuller's and
   for the acquisition to be earnings accretive in the first year.

   "Quintessentially English and renowned for a focus on fresh food, premium
   accommodation and an exceptional level of customer service, this
   collection of seven iconic country hotels is highly complementary with our
   existing strategy."

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   For further information, please contact:

    

   Fuller, Smith & Turner P.LC.

   Simon Emeny, Chief Executive    020 8996 2000

   Adam Councell, Group Finance Director  020 8996 2000

   Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

    

   Instinctif Partners

   Justine Warren      020 7457 2020

    

    

   Notes to Editors:

    

   Fuller, Smith and Turner P.L.C. is a premium pub and hotel business. The
   Company runs 179 Tenanted pubs and 206 Managed Pubs and Hotels, with a
   focus on delicious fresh, home-cooked food, outstanding cask and craft
   ale, great wine and exceptional service. The Company also has 827 boutique
   bedrooms in its Managed estate. The Fuller's pub estate stretches from
   Brighton to Birmingham and from Bristol to the Greenwich Peninsula,
   including 174 locations within the M25. In June 2018 Fuller's acquired Bel
   & The Dragon, comprising six stunning country inns (included in the pub
   numbers above), and the Company also owns The Stable, a craft cider and
   gourmet pizza restaurant business, which has 16 sites in England and
   Wales. In April 2019, Fuller's sold its brewing division to Asahi Europe
   Ltd.

    

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   ISIN:           GB00B1YPC344
   Category Code:  ACQ
   TIDM:           FSTA
   OAM Categories: 3.1. Additional regulated information required to be
                   disclosed under the laws of a Member State
   Sequence No.:   24376
   EQS News ID:    894825


    
   End of Announcement EQS News Service

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