Three Joes, the sourdough pizza and craft beer restaurant chain, has acquired 14-strong The Stable pizza chain from Fullers for an undisclosed sum.
The acquisition of The Stable, which has a turnover £14.6m, sees the company expand its geographical spread into the south west, Wales and the Midlands.
Three Joes operate three restaurants in Winchester, Fareham, and Sheffield and was founded in 2017 by Tim Hall, the founder of healthy fast food chain pod. Peter Bruton, ex-founder of Byron Hamburgers and Emma Blackmore ex-Pizza Express and Pret menu development and procurement specialist.
The acquisition was privately funded by Three Joes shareholders.
The Stable was founded by Richard and Nikki Cooper. Fuller’s acquired a 51% stake in The Stable, a six-strong craft cider and pizza restaurant business for £7.3m
Tim Hall, CEO and co-founder of Three Joes said: “We’ve been huge fans of The Stable since we launched Three Joes in 2017 and this acquisition represents a significant step forward for us. The Stable is five times our size and whilst we are all operating in uncertain times, we are confident the business has a strong future ahead.
“With sites located in harbours, beach fronts and market squares in the South West and on the coast, the opportunity to add these beautiful sites to our estate was too good to be true. We believe these are the ideal locations to expand Three Joes into whilst the country recovers from covid and people choose to take holidays at home in the UK.”
Commenting on the sale of The Stable to Three Joes, Fuller’s Chief Executive Simon Emeny said: “The Stable is a fantastic brand and we are proud to have helped it grow. Three Joes is a company that knows pizza, has a similar ethos and culture, and has a management team we trust to look after The Stable. We wish Three Joes every success in taking The Stable on through the next chapter in its history.”
Precis
