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Morning Briefing for pub, restaurant and food wervice operators

Wed 19th Jun 2019 - Peach to undergo sale and leaseback deal on its four freehold sites
Peach to undergo sale and leaseback deal on its four freehold sites: Peach Pub Company is to undergo a sale and leaseback deal on its four freehold sites as it looks to raise funds for acquisitions and invest in its estate. The freehold investments, subject to new 25-year index-linked leases to Peach, have been released to the market through agent Fleurets. The four properties are The Richard Onslow in Cranleigh, The One Elm in Stratford-upon-Avon, The Rose & Crown in Warwick, and The Swan Salford near Milton Keynes. The total portfolio rent of £555,000 per annum equates to 10.7% of 2018 turnover and 44% of 2018 Ebitda, thereby providing significant operation headroom following completion. The assets also offer strong underlying vacant possession value. Offers for the portfolio are invited in excess of £9,400,000, which would equate to a net initial yield of 5.5% after purchaser costs of 7.26%. Peach Pub Company director Hamish Stoddart said: “Peach aims to be the best gastro-pub company on the planet. We are operators through and through. This move allows us to be debt-free, invest in our pubs and carry on looking for opportunities to do a few new ones.” Fleurets managing director Graeme Bunn added: “The leases provide five-yearly, index-linked rent reviews to the Consumer Price Index with an annual collar and cap of 1% and 3%, full repairing tenant covenants, and without tenant break. I anticipate significant purchaser appetite for this exceptional portfolio of pub investments. Peach is a proven, award-winning operator of high-quality, food-focused pub restaurants. The assets are well invested and offered on long indexed-linked leases at sensible rents.” Peach Pub Company also operates 15 leasehold sites.


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