|
|
|
Mon 8th Jun 2020 - Exclusive: Three Joes acquires The Stable business from Fuller’s |
|
|
Exclusive – Three Joes acquires The Stable business from Fuller’s: Fledgling sourdough pizza concept Three Joes, co-founded by Tim Hall, has acquired the 13-strong, pizza and cider concept, The Stable, from Fuller’s, for an undisclosed sum, Propel has learned. The transformational deal for the current three-strong Three Joes, which Hall owns with ex-Pod food director Emma Blackmore and former Byron operations director Peter Bruton, will see it expand its geographical spread into the south west, Wales and the Midlands. It is thought Three Joes has financed the deal through a private fund-raising. Propel understands the company, which currently operates sites in Fareham, Winchester and Sheffield, fought off competition from another party for The Stable. It is thought it will begin reopening The Stable sites next month, and at present no decision has been taken on if or when it will convert them to the Three Joes name. The deal includes sites based in Bath, Birmingham, Bournemouth, Bristol, Cardiff, Exeter, Falmouth, Newquay, Plymouth, Southampton and Winchester. Hall said: “We’re big fans of The Stable and it’s a great fit for our existing business. We are really looking forward to meeting the team and getting under the skin of this well-known brand. Fuller’s has taken it beyond its south west origins, and we are excited by the future possibilities. It extends our geographic footprint westward and will help us achieve our mission to share unpretentious, simple food with even more people.” The Stable was started in Bridport by Richard Cooper and Nikki Cooper in 2009. Fuller’s acquired a 51% stake in the then six-strong business in June 2014 for £7.3m. It subsequently acquired a further circa 24% and then in June 2018 Fuller’s completed the acquisition of the remaining circa 24% stake of The Stable, where at that point it had grown to 17 sites. Fuller’s have now sold the business to concentrate on its core pubs and hotels business. Fuller’s chief executive Simon Emeny told Propel: “Fuller’s bought a controlling stake in The Stable back in June 2014, at which time it had just six sites in the south west. It is a fantastic brand and we are proud to have helped it grow. The sale at this time will allow us to focus on the pubs and hotels that are at the core of our business and emerge from the current coronavirus crisis stronger. While we love the brand, the team and the essence of The Stable, we have decided to take this opportunity to sell the business. Three Joes is a company that knows pizza, has a similar ethos and culture, and has a management team we trust to look after The Stable and its people. We wish Three Joes every success in taking The Stable on through the next chapter in its history.” Savills acted on The Stable deal on behalf of Fuller’s.
Propel passes total of 20,000 self-subscribed readers: More than 20,000 readers are now subscribed to read Propel's daily newsletter and updates. Propel managing director Paul Charity said: “The Propel readership began with a few hundred friends and contacts in the sector and has grown entirely by word-of-mouth and recommendation. The advantage of this patient approach to building readership is we have a very high quality and very committed following – our newsletter opening rates and speed of opening are extremely high. Looking at our database of readers and the interaction we receive, it's clear there are very few sector leaders who do not read Propel. We have found readership levels have accelerated during the coronavirus crisis as the sector has sought reliable and exhaustive sector news and insight. We'd like to thank our readers for their loyalty – and would love to hear from you about what you value about Propel.” Email paul.charity@propelinfo.com
|
|
|
|
|
|
|
