Young’s Brewery signs £10.4m deal
Young and Co.’s Brewery has closed a £10.4 million deal to acquire four London pubs.
The deal will see the entire shared capital of 580 Limited, a company that through itself and its subsidiaries owns and operates four pubs in London locations, transferred to UK brewery Young’s.
The four pubs acquired are The Defector’s Weld in Shepherd’s Bush, The John Salt in Islington, The Fellow in King’s Cross and The Owl & Pussycat in thriving Shoreditch.
Stephen Goodyear, chief executive of Young’s, said: “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.”
The group sold its share in brewing arm Wells & Young’s Brewing in 2011 to its partner Charles Wells for £15m, having merged with the latter to form the company in 2006
In 2010 the company bought Geronimo Inns for £60 millions, which it still owns, focusing its portfolio mainly in London and the south-east of England.