Fuller, Smith & Turner PLC: Disposal

Fuller, Smith & Turner PLC ("Fuller’s"), the premium pubs and hotels business, has announced the sale of a portfolio of pubs from its Tenanted Inns Division to Admiral Taverns Limited. The cash sale proceeds amount to £18.3 million, exceeding the gross asset value of £16.7 million and includes a premium of £1.6 million.

The portfolio of 37 pubs generated £1.3 million in profit before tax for the 52-week period ending 30 March 2024. The proceeds will strengthen the Company’s balance sheet and enable further investments and acquisitions.

Fuller’s remains committed to both Managed and Tenanted pubs as part of its strategy, continuously evaluating strategic opportunities. The company believes this sale will allow a greater focus on developing its retained estates. The disposal is expected to complete on 25 June 2024, leaving Fuller’s with a combined total of 333 pubs across its divisions.