Fri 30th Aug 2024 - Exclusive: Urban Pubs & Bars acquires 11 sites from ex-Antic Pubs portfolio Exclusive – Urban Pubs & Bars acquires 11 sites from ex-Antic Pubs portfolio: Urban Pubs & Bars, the London pub operator founded by Malc Heap and Nick Pring and backed by Davidson Kempner and Global Mutual, has acquired 11 sites from the portfolio of London pubs formerly operated by Antic, which was placed into administration last month, Propel has learned. The Chris Hill-led business has acquired eight trading leasehold businesses and three vacant freehold sites from the administrators of Elflock Limited, Babel Silk Limited, Brocade Limited and De Gremio Limited. The business, which currently operates 44 pubs, bars and restaurants across London, will assume control of the sites with immediate effect. The pubs, which are spread across the capital, include The East Dulwich Tavern in East Dulwich, The Antelope in Tooting and The Sun in Camberwell. Urban Pubs & Bars said the deal makes it “London’s fastest growing pub business”, having already doubled the size of its estate since covid. This deal takes the business to 52 trading sites. As part of the transfer, 150 employees will transfer to Urban Pubs & Bars. Propel understands that Urban Pubs & Bars fought off interest from Portobello Pub Company, the pub and restaurant operator backed by private equity firm Zetland Capital, and investment firm Breal Group, to acquire the majority of the package of pubs, which were operated by Antic. Propel revealed earlier this month that more than 65 parties had expressed an interest in the 13-strong portfolio of London pubs. Steve Absolom and Will Wright, of Interpath Advisory, were appointed joint administrators to Elflock, Babel Silk, Brocade and De Gremio on 12 July 2024. Collectively, the companies operated 13 pubs and bars across south and east London, including the Balham Bowls Club SW12, Clapton Hart E5, Gremio de Brixton SW2, Graveney & Meadow SW17, Dogstar SW9, Tooting Tram & Social SW17, Red Lion E11 and Coopers SE19. Several of the sites had struggled with legacy liabilities resulting from the pandemic. It is understood that trading in the pubs, which are being operated with support from specialist trading agents at Licensed Solutions, has been strong. Last month, Urban Pubs & Bars announced the acquisition of two new sites – The Herne Tavern in East Dulwich and The Gun in Spitalfields. Urban Pubs & Bars managing director Hill said: “We are delighted to be acquiring these fantastic pubs – and we can’t wait to bring them into the Urban family. Like so many existing corners of Urban Pubs & Bars, these newly acquired sites are iconic in so many individual ways – and we can’t wait to work with our new colleagues to realise the full potential of them, and their brilliant businesses.” Sam Birchall, head of Special Situations M&A at Interpath, said: “The transaction demonstrates the opportunity that exists in the market for successful operators to acquire quality assets as part of their ongoing growth strategies.” Steve Absolom, managing director at Interpath and joint administrator, said: “This eclectic group of popular pubs and bars have traded well since our appointment just over seven weeks ago and buyer interest has been extremely strong. We are delighted that we have been able to secure this transaction with Urban Pubs and Bars and importantly safeguard the jobs for their loyal and hard-working employees.” Earlier this year Urban Pubs & Bars announced group Ebitda of £6.4m for the financial year ended 30 April 2023, an increase of 11% versus the prior year. The group saw like-for-like sales increase by 17% and turnover climb by almost 60% to £52.2m. The joint administrators remain in ongoing discussions with interested parties in respect of three other sites that are trading while in administration, Dogstar, Tooting Tram & Social and Coopers. Urban Pubs & Bars features in the Premium Club Turnover & Profits Blue Book, which has grown to 875 companies and is available exclusively to Premium Club members. Its turnover of £52.2m is the 183rd highest in the database. The Blue Book ranks companies by turnover, profit and profit conversion, listing directors’ earnings for the past five years. Companies can now have an unlimited number of people receive access to Premium Club 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.