Chief executive Simon Emeny told the Publican’s Morning Advertiser’s sister title M&C Report that The Stable, which is about to secure its seventh site in Falmouth, was a “very natural link” for Fuller’s, which spent £7.3m on the transaction.
“Our business here is evolving quite significantly. We’ve been looking at the casual restaurant sector and we’ve identified The Stable as something that was incredibly close to our values because they all have bars in their restaurants; they stock a range of ciders, craft ales, cask ales, they have an amazing atmosphere.
“They sell what are simply the best pizzas that I have ever eaten, or that my team have ever eaten.
“We felt that it had the potential to be an excellent marriage between two companies of very similar values, and that we could help [founders Richard and Nikki Cooper] take the business to the next level.
“To date they’ve been limiting themselves to the south west of England. We think it’s got considerable potential across southern England so that will open up other opportunities for them.”
Blurred lines
He added: “The line between premium pubs and casual restaurants is really blurring and I believe the operational skills required to run premium pubs like ours are incredibly close to those to run restaurants like The Stable.
As part of the partnership, Fuller’s will also acquire the freehold of The Bull Hotel in Bridport, Dorset. The hotel - which has 19 boutique bedrooms - had a stable at the rear, which became the site of the first pizza and cider restaurant.
Under the deal, Fuller’s is investing £7.3m for the 51% share, as well as the freehold of The Bull Hotel and there is an option to increase this investment in the future. It is anticipated that the transaction will be broadly earnings neutral in the first year, the company said.