Young's acquires London pub operator 580
The brewery said all four pubs were in 'prime London locations' and would fit well within the Young’s and Geronimo managed house estate.
The four new pubs are:
- The Defector’s Weld – a freehouse located on the green in Shepherd’s Bush where Soho House is building its new hotel and the new 317 Dorsett Regency hotel is being built.
- The John Salt – a freehouse located on Upper Street in Islington, close to the King’s Head theatre pub which Young’s acquired in 2013.
- The Fellow – a leasehold adjacent to King’s Cross, where there are plans to develop new homes and public squares to attract an additional 45,000 people to live, work and study.
- The Owl & Pussycat – adjacent Soho House, the Boundary and Dishoom.
Two of the new pubs – The Defector’s Weld in Shepherd’s Bush and The John Salt on Upper Street in Islington – are freehold and will be managed as Young’s pubs.
The other two pubs – The Fellow in Kings Cross and the Owl & Pussycat in Shoreditch – are leasehold and will join the Geronimo managed house estate.
Premium offering
Commenting on the acquisition, Young’s chief executive Stephen Goodyear said: “We are delighted to be adding these excellent pubs to our managed house estate.
"All four are in vibrant locations where our premium proposition of craft beers, high-quality wines and cocktails, restaurant-quality fresh and innovative food, and above all a warm welcome in well-presented surroundings, will work extremely well. We look forward to investing further in their offer, bringing the distinctive flavours of Young’s and Geronimo to bear.
“This is a continuation of our strategy of adding carefully selected, high-quality managed houses to our Young’s and Geronimo estates. This acquisition follows on from our recent purchases of the Fox & Anchor in Smithfield, the White Bear in Kennington and two more sites in partnership with Berkeley Homes, one in their Riverlight development in Nine Elms and another one in the Woolwich Arsenal. Our balance sheet remains strong, and we are keen to do more.”
Young's growth
Young’s is enjoying strong revenue and profit growth on the back of rising food and drink sales across its estate, with its managed houses increasing revenue by 9.6 per cent in 2013.
The pub company has put particular focus on London and the South East in order to position itself firmly at the premium end of the market, and invested £33.6m in its estate last year, £19.8m of which was used to update existing venues.
Recent acquisitions include The Weyside in Guildford and the King’s Head theatre pub in Islington, while recently refurbished venues include The Orange Tree in Richmond, which now has 13 boutique hotel rooms.
