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Fri 18th Oct 2013 - Mitchells & Butlers acquires two brewpubs
Mitchells & Butlers acquires two brewpubs: Mitchells & Butlers has bought two brewpubs among a larger group of four Convivial London Pubs freeholds. The company exchanged contracts today on The Lamb Brewery, The Crown and Anchor, The Botanist Brewery and The Mitre Hotel with a target completion date of 30 October 2013. The purchase price has not been disclosed but the pubs were on the market for £13.3 million. The company’s remaining pubs, The Clifton and The Hansom Cab, are both under separate offer from individual acquirers. They are on target to exchange and complete by the middle of November. The sales process is being handled by Christie + Co. A spokesman for Convivial said: “The Convivial Board is pleased with all the prices agreed; they are in excess of the original guide prices and demonstrate the high quality of the estate as well as the considerable efforts of the management team. The Company will communicate further with its shareholders when the sale of the last pub is completed. The Board confirms its intention to conduct a managed voluntary liquidation of the Company and to return value to its shareholders as soon as possible.” Gary John, group property director, Mitchells & Butlers, said: “We are delighted to have successfully acquired these four high quality freehold London pubs which will become part of our strongly performing Castle estate. We continue to seek to expand our brands which serve attractive market segments and from which we can make good returns.”
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