Aprirose, which owns 35 other food and drink venues, claims the 73 pubs purchased from M&B will make it the “11th largest managed pub group in the UK”.
Tenants within Aprirose’s current collection of pubs include Greene King, Marston’s and Punch.
The investment company has grouped the acquired sites into a new portfolio called Milton Pubs and Taverns, which includes 65 freehold and eight leasehold properties across the UK in England, Scotland and Wales.
The acquisition, reported to be worth around £42m, will be Aprirose’s first management contract undertaken in this sector.
Hands-on approach
Aprirose chief executive Manish Gudka said the deal represents an opportunity for the company to take “a more hands-on approach to asset management”.
“The acquisition is a strong investment for our investors, with locations stretching throughout the UK,” he said.
“Following the disposal of 23 pubs to various institutions at the beginning of this year, we are pleased to confirm our commitment to such an interesting sector.”
Aprirose has appointed pub operator LT Management Services (LTM), which currently has more than 1,000 pubs, to manage the 73 sites.
Greater shareholder value
Mitchells & Butlers chief executive Phil Urban added: “One of our business priorities is to rebalance our estate to deliver greater shareholder value.
“Disposing of these sites means we are positioned to extract this value and will continue to move forward focusing on our key strategic priorities across our core business.”