REG - Roadside Real Estate - Disposal of pub estate

Roadside Real EstateAnnouncement

29/08/2024 07:00

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RNS Number : 0590C  Roadside Real Estate PLC  29 August 2024

 

Roadside Real Estate PLC

 

("Roadside" or the "Company")

 

Disposal of pub estate

 

As set out in the interim results announcement of 27 June 2024, Roadside
(AIM:ROAD) confirms the disposal of its four remaining pubs (the "Disposal").
The Disposal continues Roadside's stated strategy to refocus the business on
Roadside Real Estate assets.

 

About the Disposal

 

-     Roadside has disposed of its four remaining pubs: The Bull Hotel,
The Rose and Crown and The Eliot Arms (leaseholds) and operational
responsibility for the Coach & Horses (freehold).

-     Roadside has agreed to terminate its existing leases, for nil cost,
at The Bull Hotel, The Rose and Crown and The Eliot Arms.

-     The existing management team, via PS91 Hospitality Ltd, have agreed
new leases with the landlords of these pubs and have assumed all operational
responsibility.

-     Barkby Pub Co Ltd, a wholly owned subsidiary of the Company, retains
the freehold for the Coach & Horses and has granted a lease to PS91
Hospitality Ltd to operate that pub.

-     No consideration was receivable by Roadside and no fees were paid to
terminate the leases.

-     In the period ended 30 September 2023 the assets subject to the
Disposal achieved a loss before tax of c.£0.8m (after allocation of central
costs) and were held at a total carrying value of c.£0.2m.

 

Charles Dickson, Executive Chairman of Roadside, commented:

 

"We are pleased to have concluded the exit of our pub business and we continue
to focus on the execution of our roadside real estate strategy."

 

 

- Ends -

 

Enquiries:

 

 Roadside Real Estate PLC

 Charles Dickson, Executive Chairman

 c/o Montfort Communications

 Montfort

 Olly Scott                                                                     +44 (0)78 1234 5205

 Georgia Colkin                                                                 +44 (0)75 4284 6844

 Cavendish Capital Markets Limited (Nomad and Broker)

 Carl Holmes / Fergus Sullivan (Corporate Finance)                              +44 (0) 20 7220 0500

 Tim Redfern (ECM)

 Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker)

 Mark Young

 Jonathan Wilkes-Green

 Catriona Neville

 

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