The sale marks the first time the Henley-based pubco has bought new pubs in six years. However it is only the latest removal of pubs from the Enterprise Inns portfolio despite declaring in May it was slowing its pub disposal programme.
Strategy
Both Surrey freeholds, in Englefield Green and Sunbury, fit within the current geographical area Brakspear is concentrated in and are described by Davies as 'perfect fits' into the business.
"We have acquired these outlets because we believe they will deliver long-term returns for us and our tenants. They fit perfectly with our strategy of acquiring and investing in quality pubs, and attracting the best retailers to run them with us," he said.
The South East pub company now operates around 140 tenanted pubs from as far North as Northampton to as far South as Chichester in West Sussex. One of the new acquisitions is believed to be a food destination pub while the other is predominantly wet-led.
In the market
"We believe Brakspear already has one of the best tenanted-only estates in the business and are looking forward to strengthening it even further," Davies said.
The purchase, announced today, is described as a statement of intent and ambition to strategically expand the business with new acquisitions expected before the end of the year.
"Brakspear is definitely in the market for the right pubs, in the right places. Both these purchases are quality sites, run by talented retailers with whom we are looking forward to building successful partnerships," he added.
In 2006 the Brakspear family sold its interest in the company’s pubs to JT Davies, which owned 50 pubs. The combined estate, now branded as Brakspear pubs, is operated by the company which the Davies family remains closely involved in.
The business also sells a number of beers under the Brakspear brand in its pubs which are now mainly brewed at the Marston’s-owned Wychwood brewery in West Oxfordshire.