CI Traders, the Jersey-based conglomerate that was taken private in the summer, has placed its 65-strong pub estate, its Jersey brewery and drinks distribution arm on the market with an asking price in the region of £80m.
As first reported by M&C Report in September, the group, which was acquired by private equity firms Duke Street Capital and Europa Capital for £401m, is to sell 42 pubs in Jersey, 21 pubs in Guernsey and two pubs in Alderney.
It said that package of pubs, which is a mixture of managed and tenanted houses, had already attracted unsolicited enquiries from interested parties since CI Traders was taken private in August.
The portfolio of pubs is likely to appeal to operators of both tenanted and managed houses, such as Greene King, Marston’s and Punch Taverns.
Tony O’Neill, chief executive of Sandpiper, the consortium set up by Duke Street and Europa to acquire CI Traders, said: “Whilst continuing to review the business we’ve had some serious approaches.
“As a result we have taken the decision to divest our hospitality business.
“We have identified that our pub estate, along with two drinks distribution businesses would have greater potential if they were owned and operated by a company dedicated to that sector.”
McQueen has been appointed to handle the sale.
Last month Sandpiper placed its St Pierre Park and La Trelade hotels on the market with a combined asking price of nearly £19m.
CI Traders is the Channel Islands’ largest operator of consumer and leisure sector businesses.
Its businesses include: Le Riche, the Channel Islands’ largest grocery, retail and garage-forecourt businesses; the Marks & Spencer Jersey franchise; and the Channel Islands’ Safeway stores.
