Tue 6th Aug 2024 - Fuller’s acquires Warwickshire operator Lovely Pubs for £22.5m Fuller’s acquires Warwickshire operator Lovely Pubs for £22.5m: Fuller’s has purchased Lovely Pubs – a collection of seven sites in Warwickshire for a total consideration of £22.5m. The seven pubs, six of which are freehold, are all situated in affluent commuter locations. The sites are The Orange Tree in Chadwick End, The Boot Inn at Lapworth, The Farm in Monkspath, Morton’s Kitchen in Dickens Heath, The Baraset Barn in Alveston – which comes with 16 individually designed bedrooms, The Moat House Inn at Kings Coughton, and The Queen’s Head in Stoke Pound. In the last reported financial year, Lovely Pubs generated Ebitda of £3.1m. Fuller’s said the acquisition is expected to be earnings enhancing in the first full year and will be funded from existing banking facilities. Fuller’s stated: “These outstanding pubs are a perfect fit with Fuller’s existing managed pub estate – both geographically and operationally. Lovely Pubs has a focus on delivering an outstanding, all round pub experience. They will continue to operate as they are and, to ensure the essence of these pubs is preserved, Lovely Pubs founders will continue to work with Fuller’s and all 260 team members will be retained with the acquisition.” Fuller’s chief executive Simon Emeny said: “I am absolutely delighted to be announcing this news today. We are very careful when it comes to finding great sites to add to our iconic pub estate – and the Lovely Pubs business is a perfect match and a fantastic acquisition. It was established 30 years ago and is an excellent business with outstanding, well-invested sites offering delicious, fresh, locally sourced food, a great drinks range and a wonderful welcome. It adds scale to our presence within our geography and is a great next chapter in the Fuller’s story. We can’t wait to welcome the Lovely Pubs team to the Fuller’s family. We will continue to run the sites with their existing offer and it’s exciting to be working with the Lovely Pubs founders. We have spent the last few years getting the Fuller’s business in the best possible shape – and this is a perfect opportunity to grow our managed pubs and hotels estate.” Lovely Pubs founder Paul Salisbury added: “We have spent the last 30 years building up a wonderful business – and we are delighted to be partnering with Fuller’s for the next stage in the Lovely Pubs journey. Our ethos, values and vision are very similar, and Fuller’s has the credentials and expertise to deliver further success for these seven fantastic pubs. We are looking forward to working with the Fuller’s team, and we know we have a lot to offer with our expertise in the local area. The similarities are obvious, and the opportunity is incredibly exciting.” CBRE acted on the deal. Fuller’s features in the Propel Turnover & Profits Blue Book, which is available exclusively to Premium Club members and the next edition will be sent on Friday (9 August) featuring 958 companies. Fuller’s turnover of £359.1m for the year ending 30 March 2024 is the 31st highest in the database. Companies can now have an unlimited number of people receive access to Propel Premium for a year for £995 plus VAT – whether they are an operator or a supplier. The single subscription rate is £495 plus VAT for operators and £595 plus VAT for suppliers. Email kai.kirkman@propelinfo.com to upgrade your subscription.