29 May 2024

FULLER, SMITH & TURNER P.L.C.

Disposal

Fuller, Smith & Turner P.L.C. (“Fuller’s” or “the Company”), the premium pubs and hotels business, announces that it has agreed terms to sell a portfolio of pubs from its Tenanted Inns Division to Admiral Taverns Limited (“Admiral”).

The cash sale proceeds for the portfolio is £18.3 million, a premium of £1.6 million to the gross asset value of £16.7 million.  The portfolio of 37 pubs generated £1.3 million of profit before tax for the 52 weeks to 30 March 2024.  The proceeds from the sale will further strengthen the Company’s balance sheet, enabling additional investment in its pubs, as well as supporting future acquisition opportunities, as appropriate.

Fuller’s is committed to owning and operating both Managed and Tenanted pubs as an integral part of the Company’s future strategy.  However, the Company proactively manages its pub estate, continually evaluating strategic opportunities and believes that the disposal of this portfolio to Admiral allows the Company to focus on the development of its retained Managed and Tenanted estates. 

It is anticipated that the disposal will complete on 25 June 2024.  Following completion, Fuller’s will have 154 pubs within its Tenanted Inns Division to complement the 179 properties in its Managed Pubs and Hotels Division.

The Company was advised on the transaction by Sapient Corporate Finance.

[End]

For further information, please contact:

Fuller, Smith & Turner P.LC.

Simon Emeny, Chief Executive    020 8996 2000

Neil Smith, Finance Director    020 8996 2000

Georgina Wald, Corporate Comms Manager  020 8996 2198 / 07831 299801

Instinctif Partners

Justine Warren      020 7457 2020