Young's completes £10m 580 Group deal
As revealed by M&C Report earlier this week, the group had been in advanced talked to acquire the Dan Crouch-led business, which is believed to have been considering its options since last year.
Young’s said that the pubs would “all fit well within its estate and Geronimo’s managed house estate”. In terms of further acquisitions, the company said its “balance sheet remains strong, and we are keen to do more”.
The four pubs acquired are:
- The Defector’s Weld, a large freehold on a prominent site on the green at Shepherd’s Bush
- The John Salt, a large freehold on Upper Street in Islington, close to the King’s Head theatre pub acquired by Young’s in 2013;
- The Fellow, a leasehold adjacent to King’s Cross
- The Owl & Pussycat, a leasehold in Shoreditch
Both the Defector’s Weld and the John Salt will be managed as Young’s pubs, with The Fellow and the Owl and the Pussycat joining the Geronimo stable.
Stephen Goodyear, chief executive of Young’s, said:“We are delighted to be adding these excellent pubs to our managed house estate. All four are in vibrant locations where our premium proposition of craft beers, high-quality wines and cocktails, restaurant-quality fresh and innovative food, and above all a warm welcome in well-presented surroundings, will work extremely well.
"We look forward to investing further in their offer, bringing the distinctive flavours of Young’s and Geronimo to bear."
Strategy
“This is a continuation of our strategy of adding carefully selected, high-quality managed houses to our Young’s and Geronimo estates. This acquisition follows on from our recent purchases of the Fox & Anchor in Smithfield, the White Bear in Kennington and two more sites in partnership with Berkeley Homes, one in their Riverlight development in Nine Elms and another one in the Woolwich Arsenal.
"Our balance sheet remains strong, and we are keen to do more."
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