Barracuda to sell 22 pubs
Barracuda Group, the operator of 217 managed pubs, has earmarked 22 non-core pubs, for disposal.
The company says the sites — 9 freehold and 13 leasehold — no longer fit its benchmark criteria and the direction of its brands.
Barracuda is to focus on its all-day food-led offer, led by its Smith & Jones brand, with less emphasis on late-night weekend trade.
Chief executive Mark McQuater said the sites for sale included late night trading venues, as well as "gold bricks" units, where the value of the asset significantly exceeds the trading performance of the pub.
The proceeds of the sale will be used to re-invest in its core estate. It plans to invest £16m over two years with a further 50 refurbishments pencilled in for the next year on top of the 60 completed over the past 12 months.
"We are relentlessly focussed on adapting and evolving our offer and keeping our pubs fresh and exciting for our customers at the forefront of industry trends," said McQuater.
"This evolution in the Group's strategic focus will further assist Barrucuda to better compete in today's fast-changing marketplace.
"The disposal of this package of non core pubs will generate additional capital for us to further reinvest in our existing estate and maintain our reputation for innovation."
Christie & Co has been appointed to handle the sale.
