Property moves: which sites have been reopened, revamped or changed hands in the past week?
This week’s pub property news round-up includes updates from Elite Pubs, BrewDog, Oakman and Red Mist in addition to news of private equity interest in Marston’s.
Red Mist Leisure acquires first new site post investment
Surrey-based pub operator Red Mist Leisure has acquired the Parrot, near Shalford, Surrey – its 11th site and first since the company secured investment from newly formed pub investment group, Red Lion Holdings (RLH) led by sector entrepreneurs Jason Myers and David Ramsey.
With its latest purchase located around two miles from Guildford, the award-winning operator already owns two destination pubs nearby, the Stag on the River at Eashing and the Queen’s Head in East Clandon.
Red Mist hope to reopen the pub in the autumn following completion of all works.
“We are excited to be growing our portfolio with the purchase of a site with as much potential and scope as the Parrot,” Mark Robson, founder and managing director of Red Mist Leisure said.
“It has an enviable location, and we look forward to creating another destination pub for both leisure and business customers, and to becoming part of the local community.”
Former Whiting and Hammond site renamed and rescued from administration
The Mark Cross Inn near Crowborough in East Sussex is to reopen under a new name after closing in 2020 when operators Whiting and Hammond fell into administration.
As reported by Times of Tunbridge Wells, while Whiting and Hammond MD Brian Whiting managed to save a number of his venues, the Mark Cross Inn was not among them.
However, the inn has since been bought by pub operators Elite Pubs, renamed the Lazy Fox, and is expected to reopen as soon as the Government’s coronavirus restrictions allow.
The Lazy Fox is the second of Elite Pubs’ recent acquisitions poised to open in 2021. Alongside the Pheasant Plucker near Sevenoaks, Kent, the operator has another 12 venues in the area.
Martial Chaussy, who founded Elite Pubs in 2003, told Times of Tunbridge Wells: “We work as a team and our success has been due to our respect for our customers and the hard work of our employees. All of whom are dedicated to our cause, which is to offer the best service possible at an affordable price in an ambient environment.
“We are publicans and we love the atmosphere of the English pub. We serve our local communities, something which we take very seriously. Always getting involved and supporting the local residents is high on our list of priorities.”
BrewDog earmarks Wapping Power station for brewpub concept
Scottish brewer and bar operator BrewDog is hoping to transform a former industrial unit on the banks of the Thames into a new brewpub concept, The MA’s sister title MCA Insight understands.
BrewDog is believed to be planning the concept for London’s Wapping Power Station, which has previously been used as an event space accommodating 200 seated and 400 standing guests.
BrewDog CEO and co-founder James Watt revealed the concept would be called ‘BrewDog & Friends’ and would host on-site brewing by both the Ellon-based maker of Punk IPA and “brilliant breweries from all over the world”.
Having previously hosted The Wapping Project arts programming, Wapping Power Station received £4m in investment before being left dormant for several years, according to MCA.
BrewDog, put a pipeline of 28 new sites into “hibernation” during 2020 as a result of the ongoing coronavirus pandemic according to group chief executive officer David McDowall.
Pub operator Marston’s has refused a proposed takeover offer from America-based firm Platinum Equity Advisors.
As reported by The Morning Advertiser (MA), the proposal of 105p per share was considered by the board at Marston’s before it was unanimously rejected on the grounds it significantly undervalued the firm.
The latest offer followed two previously rebuffed bids of 88p and 95 a share at the end of last year (December 2020), which were received before Marston’s took on 156 SA Brains pubs.
It also represented a discount of almost a fifth (19%) to the Marston’s share price at the beginning of last year, before the coronavirus pandemic and the company has since completed the joint venture with Carlsberg to create the Carlsberg Marston’s Brewing Company.
Oakman adds to portfolio alongside £3.6m share raise
Hertfordshire-based multiple operator Oakman Inns has outlined its plans for this year including a “substantial pipeline of sites ready for development” and the addition of a freehold venue in Harpenden.
As reported by The MA, the Group has also revealed it is expecting to make further announcements in the near future with negotiations taking place in a bid to further accelerate growth.
Oakman executive chairman Peter Borg-Neal said: “There is a huge unsatisfied consumer demand for premium public houses right across the UK.
“Large pubs with a strong all-day food offer, a high level of amenity and most importantly, great people running them is the future of the pub market. We want to play a big part in fulfilling that demand.”
This growth will need funding and Oakman launched an equity raise at the end of last year, targeted at private investors.
