The Newport Pub Company has replenished its estate with the acquisition of Foden Inns, the four-strong, West-Midlands-based pub group, for an undisclosed sum.
The deal for the four freehold pubs is the first by Newport since it sold its entire estate of 11 sites to Peter Brook’s Indeed Group for an undisclosed fee at the end of January.
Tony Walsh, managing director of Newport, said the company now plans to make a substantial investment in its new acquisitions, which include the Brades Tavern and the Cottage Inn, both in Oldbury, and the ??Fox Tavern and the ??Whiteheath Gate, both in Rowley Regis.
Walsh told M&C Report that the company was currently in negotiations to acquire a further site in the West Midlands, and that it hopes to operate six pubs in total by the end of the year.
He said: “The deal with Indeed was to good to turn down but the idea was always to get back into the pub market as soon as was possible.
“The new pubs will be repositioned as premium community pubs, wet driven with a good food offer.
“Eventually we would like to get up to an estate of around 20, through the acquisition of small packages and individual sites.”
Christie & Co acted on behalf of? Foden Inns.
