Hawthorn Leisure completes Nectar deal
The Nectar portfolio, which includes 24 freeholds and one long leasehold, will continue to operate under their current centrally managed business model.
It is thought that Hawthorn is also running the rule over a c15-strong package of pubs located in and around the M25.
The transaction follows acquisitions by Hawthorn Leisure earlier in 2014 of 363 leased and tenanted pubs, including 275 pubs from Greene King and 88 pubs from R&L.
Colliers International was appointed to market Nectar earlier this year.
The Publican's Morning Advertiser's sister title M&C Report flagged up at the start of this month that the Gerry Carroll-led group was in exclusive talks to acquire Nectar, ahead of a mixture of trade players and private equity groups.
Nectar, which was previously managed by Honeycombe Leisure and owned by private equity firm Beringea, is believed to have shown steady growth over recent years.
'Perfect fit'
Carroll, chief executive of Hawthorn Leisure, said: “The Nectar pubs are a perfect fit for Hawthorn Leisure. Our strategy of acquiring and investing in community pubs across the UK, providing them with both the capital and management support they need to thrive, will secure the continued future success of the Nectar pubs. We look forward to welcoming them to Hawthorn Leisure.”
James Shorthouse, head of Licensed and Leisure at Colliers International, which brokered the deal on behalf of Nectar Taverns said: “The sale attracted interest from a wide range of parties which led to a competitive bidding process. This resulted in a very successful outcome for Nectar, whose 25 pubs have seen steadily growing sales over a number of years. The company’s professional management team has proven that well-run, properly invested community pubs are a key part of the future of the UK licensed sector.”
