Fuller, Smith & Turner, the London brewer and pub operator, has acquired the Round House in Covent Garden from Punch Taverns for £3.3m.
Under Punch’s ownership, the managed pub generated £0.4m of ebit (earnings before interest and tax) in the year to 23 August 2008 and had a book value of £3.4m as of 7 March 2009.
Fuller’s will pay for the purchase of the freehold pub in cash, financed from existing facilities, with the deal set to complete on 14 May.
The company will run the premises as a managed pub, bringing its total managed pubs and hotel estate to 163 sites and its total portfolio to 366 licensed premises.
The deal follows Fuller’s acquisition of a package of six London pubs from Punch’s managed arm Spirit Group for £21.1m at the end of March and is in line with Punch’s aims of raising capital through pub sales to address financing concerns.
Michael Turner, chairman of Fuller's, said: "I am delighted that Fuller's has been able to add The Round House to our quality estate.
“The acquisition of this classic Victorian pub, in the heart of Covent Garden and London's theatreland, is a further indication of Fuller's commitment to expanding our estate with the very best pubs when the opportunities arise.”
