The City Pub Group plc, the owner and operator of 46 premium pubs across Southern England and Wales and a further 4 development sites, has disposed of six pubs in two separate transactions for approximately £17.1m.
The group has agreed terms and exchanged contracts for the disposal of five of the six pubs on the south coast, which include three pubs in Brighton (Walrus, Brighton Beach Club, and Lion and Lobster), The Inn on the Beach on Hayling Island and The Travellers Friend in Woodford Green, Essex.
All are freehold pubs, with the exception of Brighton Beach Club (pictured), which is leasehold.
These five pubs, which recorded unaudited aggregate site EBITDA of £0.7m for the year ended 26 December 2021, are being acquired by Portobello Starboard Ltd - a newly incorporated firm - for £16.2m.
Separately, the company has sold The London Road Brewhouse, a freehold pub in Southampton for £0.9m. This sale completed on 18 March 2022.
The proceeds from the sales will be used to invest and expand the group in other areas across the UK.
Chairman Clive Watson said, 'We have achieved a good price for these assets. The capital realised makes us debt free and in an excellent position to take advantage of the current market dislocation to further premiumise our estate and deliver long term growth through selected acquisition.'