Wetherspoon buys four Laurel sites

JD Wetherspoon has acquired four of the former Laurel leasehold pubs in administration for a nil premium - and is looking at buying a further five or so.

The company has acquired a Hogshead in Weymouth, a Slug & Lettuce in Oxford, a Bar Med in Shrewsbury and a Bar Med in Bournemouth.

The Weymouth Hogshead site has the lowest rent of the ten Hogshead sites in administration, with a rent of just £35,000 per annum compared to the next lowest which is Hull with a rent of £50,000 per annum.

The Slug & Lettuce in Oxford has a rent of £170,000 per annum while the Shrewsbury site carries a rent of £90,000.

The Bournemouth venue has a rent of £113,000 per annum.

The acquisitions will give JD Wetherspoon a second venue in a number of the towns, although the Oxford site is its first in the city centre.

Its other Oxford pub is in Cowley.

Chief executive John Hutson (pictured​) said the cost of converting the four sites to JDW venues would be in excess of £1m.

The normal fit-out cost for one leasehold site is £1.1m.

He said: "The fixtures and fittings have been taken at these sites, which are in varying states of disrepair. ​

"The fit-out might cost a bit more than £1m altogether for the four sites.

"They are fairly fully rented - that's the main risk."

Hutson said the company had moved quickly on the first four venues because they had attracted a fair amount of interest.

The other sites the company is looking at have had less interest from rival bidders.