Wadworth, the Wiltshire-based brewer and pub operator, has revealed details of a £6.5m investment in its managed house estate with the acquisition of three sites.
The group has acquired The Bird in the Hand in Reading and the Stag Hotel in Redhill from Greene King for £2.25m and £1.25m respectively. It has also taken on the Dolphin in Botley, Hampshire, for £1.25m in a private deal.
Wadworth chief executive Chris Welham, said: “These major acquisitions are testament to our ambitious growth strategy and continued commitment to expansion in 2017 and beyond. We have invested significant capex into extensive improvements at these properties as well as releasing an additional spend of around £2.5m over the last six months to upgrade, refurbish and extend a number of pubs throughout our estate of managed and tenanted houses.”
The recent capex release has also focused on the enhancement and expansion of the accommodation offering bringing the number of Wadworth rooms available for short stays to 240.
The business said it was aiming to add more new properties to the estate over the next three to five years and would be making further investment into existing pubs on an on-going basis.
The group also said its first London pub, The Kings Arms in Fulham, was overachieving on expectations.
Welham added: “It’s an exciting time to be part of Wadworth with a commercially focused and driven management team dedicated to moving the business forward with sustained growth and investment. Six months ago, we re-invigorated our 6X brand and have already seen the results in increased sales. We expect that trend to continue and for our acquisition and improvements programme to start paying similar dividends, attracting new customers and cementing and increasing loyalty with existing ones.”