City Pub Group has grown its London estate to 18 with the acquisition of the Pride of Paddington, MCA has learnt.
The AIM-listed group completed on the purchase from the Gresham Collective, which is consolidating its estate to focus on the growth of its now three-strong Cork & Bottle wine bar concept.
A Heineken Pub Company lease with a passing rent of £140,000 per annum, the Craven Road site also includes a two-bed apartment and hostel accommodation on the upper floors.
Paul Tallentyre, executive director, Davis Coffer Lyons, who acted on the deal, said: “The Pride of Paddington is a fantastic business, however, it no longer matched Will’s longer-term plans for his business. The pub has a great foundation and I’m sure under City Pub Company it will continue to grow from strength to strength.”
City Pub Group chairman, Clive Watson, told MCA: “This is a fantastic pub and Paddington is exactly the sort of location we want to be in.
“This pub is the one that got away. Twenty six years ago, when I was at Regent Inns, we came within a few days of getting it but the deal fell through. So this acquisition has been a long time coming!”
The 45-strong group is currently refurbishing three large sites - Aragon House, Parsons Green (opening Q2 2019); a freehold site in Reading’s Market Place (Q2/Q3 2019) and the former Tivoli site in Cambridge(Q3/Q4 2019).
Last week, MCA reported the sale of City Pub Group site, The Grapes, in Oxford, to West Berkshire Brewery.