The deal includes eight trading leasehold businesses and three vacant freehold sites from the administrators of Elflock Limited, Babel Silk Limited, Brocade Limited and De Gremio Limited.
Urban, which was founded in 2014 by ex-Realpubs founders Nick Pring and Malcolm Heap, will assume control of the sites with immediate effect and as part of the transfer, 150 employees will join Urban Pubs & Bars.
Sites within the acquisition include the East Dulwich Tavern in East Dulwich, the Antelope in Tooting and the Sun in Camberwell.
Quality assets
The 11 sites acquired by Urban Pubs & Bars include:
- Red Lion, High Road, Leytonstone, east London (leasehold)
- East Dulwich Tavern, Lordship Lane, south London (leasehold)
- The Antelope, Mitcham Road, Tooting, south London (leasehold)
- Hagen & Hyde, Balham High Street, south-west London (leasehold)
- Balham Bowls Club, Ramsden Road, Balham, south-west London (leasehold)
- Clapton Hart, Lower Clapton Road, east London (leasehold)
- Elephant & Castle, Newington Causeway, south London (leasehold)
- The Sun of Camberwell, Coldharbour Lane, south London (leasehold)
- The Volunteer, Powis Street, Greater London (freehold)
- The Mews, Norbury Crescent, south-west London (freehold)
- Linman & Turner, Penge High Street, south-east London (freehold)
Advisory firm Interpath head of special situations M&A Sam Birchall said: “The transaction demonstrates the opportunity that exists in the market for successful operators to acquire quality assets as part of their ongoing growth strategies.”
Interpath managing director and joint administrator Steve Absolom said he was delighted to have been able to secure the transaction and safeguard jobs.
He added: “This eclectic group of popular pubs and bars have traded well since our appointment just over seven weeks ago and buyer interest has been extremely strong.”
Iconic sites
The latest additions to the group followed two other recent acquisitions – the Herne Tavern in East Dulwich, south-east London and the Gun in Spitalfields, east London.
Urban now has 52 trading sites. Managing director Chris Hill said: “We are delighted to be acquiring these fantastic pubs and can’t wait to bring them into the Urban family.
“Like so many existing corners of Urban Pubs & Bars, these newly acquired sites are iconic in so many individual ways and we can’t wait to work with our new colleagues to realise the full potential of them and their brilliant businesses.”
Earlier this year (February), The Morning Advertiser spoke with Urban co-founder Nick Pring who alluded to plans for further growth following an uplift in sales and turnover.
