Propel Morning Briefing Mast Head Propel Hospitaliity website Paul's Twitter Link Subscribe Unsubscribe Web Version Forward Email Swifty Banner Morning Briefing Strap Line
Fri 4th Oct 2019 - Exclusive: Fuller’s in advanced talks over £40m deal for Cotswold-based inns and hotels business
Exclusive – Fuller’s in advanced talks over £40m deal for Cotswold-based inns and hotels business: Fuller’s, the Simon Emeny-led listed group, is in advanced talks to acquire the Cotswolds Inns & Hotels business in a deal believed to be valued at circa £40m, Propel has learned. Cotswolds Inns & Hotels, which was founded in 1997 by Michael and Pamela Horton, operates seven hotels and two bars – Utopia Bar and Churchills Bar, both based in Birmingham. The hotels Fuller’s would acquire are The Bay Tree Hotel in Burford; The Bear of Rodborough Hotel, near Stroud; The Close Hotel in Tetbury; The Hare & Hounds Hotel in Westonbirt; The Lamb Inn in Burford; The Manor House Hotel in Moreton-in-Marsh and The Swan Hotel in Bibury. The acquisition would boost Fuller’s bedroom stock by circa 200 rooms. The deal would represent the first acquisition by the business since it sold its brewing operation to Asahi for £250m. Early last month Fuller’s revealed plans to return £69m to shareholders following the sale of its beer business to Asahi and reported a “good start” to trading in its new financial year, with like-for-like sales in managed pubs and hotels rising 2.5%. It’s thought Knight Frank and Christie & Co have advised on the Cotswolds Inns & Hotels deal. Last year, Cotswolds Inns & Hotels sold The George in Cheltenham to Superdry owner Julian Dunkerton, who operates the Lucky Onion group of properties. The George was put on the market for £3.6m in 2017. Fuller’s declined to comment. 

PizzaExpress hires advisers ahead of debt talks: PizzaExpress, the Hony Capital-backed chain, has hired adviser Houlihan Lokey as it prepares for debt talks with its creditors, according to Bloomberg. The report stated that separately, a group of secured bondholders has started working with Perella Weinberg Partners after appointing law firm Latham & Watkins in July. The restaurant group has £465m of secured bonds due in August 2021 and £200m of unsecured notes due a year later, respectively indicated at 84p and 23p on the pound, according to data compiled by Bloomberg. Earlier this summer, it was thought PizzaExpress and its backer, the China-based Hony, were reviewing its capital structure and a restructuring of the business was likely. In August, PizzaExpress reported a “resilient performance” in the UK and Ireland for the 26 weeks ending 30 June 2019, while its international business continued to expand. Underlying like-for-like sales in the UK and Ireland were down 0.2%, with sales up 0.5%. A net two sites opened in the period. Total group sales increased 2.6% with like-for-like sales up 0.2%. The company’s focus is on upgrading existing sites rather than new openings in the UK, with further development of the “Future Express” programme.

Return to Archive Click Here to Return to the Archive Listing
 
Punch Taverns Link
Return to Archive Click Here to Return to the Archive Listing
Propel Premium
 
McCain Banner
 
Zapaygo Banner
 
Matthew Clark Banner
 
Deliverect Banner
 
A2Z Masks Banner
 
Pub Plants Banner
 
Yoello Banner
 
Ei Group Banner
 
OrderPay Banner
 
TipJar Banner
 
Trail Banner
 
Odamo Banner
 
Arla Foods Banner
 
Nestle Waters Banner
 
Yumpingo Banner
 
Camile Banner
 
Pepper Banner
 
The Leisure and Hospitality Collective Banner
 
LunchMate Banner
 
Biff's Banner
 
Zonal Banner
 
Swifty Banner
 
Yudu Banner
 
Orderbee Banner
 
Startle Banner
 
Pago Banner
 
Access Banner
 
Ten Kites Banner
 
Prestige Purchasing Banner
 
IOL Banner
 
COREcruitment Banner
 
Punch Taverns Link Punch Taverns Link
Wi5 Banner
ALMR Web Link Web Version Unsubscribe Subscribe Propel Info website