The City Pub Group has completed the acquisition of two pubs in Oxford and London’s Soho.
The 52-strong premium pub operator has acquired a premium freehold investment, currently operated as Simmons Bateman Street, from Consolidated St. Giles LLP for a cash consideration of c£3.875m.
The pub is in the heart of Soho and currently generates approximately c£260,000 per annum in rent.
The next rent review is October 2027, with the rent subject to an RPI increase subject to a cap and collar. The lease has 16 years remaining.
The group has also acquired The Plough, Oxford, a leasehold pub located on Cornmarket in the city centre. The pub is one of Oxford’s oldest and has 150 internal and 70-80 external covers.
The group has acquired the leasehold interest (9 years unexpired) for a cash consideration of c£330,000 from 1855 Cornmarket Limited.
The annual net turnover of the pub in 2022 was approximately £1.45m, with estimated pub EBITDA of £350,000.
The group intends to reposition the offer after a modest refurbishment while ensuring it maintains the pub’s unique heritage.
Clive Watson, executive chairman of City Pub Group, said: “We are delighted to secure the acquisition of these two pubs both of which are in locations where we have existing pubs nearby. Soho is a fantastic trading locale with high footfall from tourists, theatre goers and residents alike and we’re confident the acquisition will be a good long term investment. The Plough is in the heart of Oxford, traded extremely well last year and we have exciting plans to reposition it to further maximise its potential.
“The Group will continue to look at further acquisitions which are located in areas where we already have a presence.
“As stated in our recent results statement, we are looking at similar acquisitions to complement our premium pub portfolio as well as continued focus on organic sales growth.”
