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Wed 23rd Oct 2019 - Fuller's acquires Cotswold-based inns and hotels business for £40m
Fuller’s acquires Cotswold-based inns and hotels business for £40m: Fuller’s, the premium pubs and hotels business, has exchanged contracts to acquire Cotswold Inns & Hotels for £40m. The acquisition, exclusively revealed by Propel earlier this month, comprises seven freehold country inns and hotels and eight freehold staff cottages in the Cotswolds, together with two leasehold bars in Birmingham city centre. It is thought 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 by Michael and Pamela Horton in 1997. In the financial year ended 30 September 2018, the properties being acquired generated revenue of £17.5m and site Ebitda of £3.4m with a gross asset value of £31.5m. The acquisition will be funded from existing banking facilities and is expected to complete on Thursday, 31 October. 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 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 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 strategy.”

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