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Fuller, Smith & Turner PLC: Acquisition of Cotswold Inns & Hotels

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Fuller, Smith & Turner PLC (FSTA)
Fuller, Smith & Turner PLC: Acquisition of Cotswold Inns & Hotels

23-Oct-2019 / 09:08 GMT/BST
Dissemination of a Regulatory Announcement, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.

23 October 2019

Acquisition of Cotswold Inns & Hotels by Fuller, Smith & Turner P.L.C.

Fuller, Smith & Turner P.L.C. ("Fuller's"), the premium pubs and hotels
business, today announces it has exchanged contracts to acquire Cotswold
Inns & Hotels Ltd ("Cotswold Inns & Hotels" or "the Acquisition") for a
total consideration of GBP40 million.

The Acquisition comprises a collection of seven high quality, freehold
country inns and hotels and eight freehold staff cottages in the Cotswolds,
together with two vibrant leasehold bars in Birmingham's city centre. It is
envisaged that all employees will transfer with the Acquisition. An eighth
hotel (The Broadway Hotel) does not form part of the Acquisition and is
being retained by the current owners.

Cotswold Inns & Hotels was founded in 1997 by Michael and Pamela Horton. In
the financial year ended 30 September 2018, the properties being acquired
generated revenue of GBP17.5 million and site EBITDA of GBP3.4 million with a
gross asset value of GBP31.5 million.

The Acquisition will be funded from existing banking facilities and is
expected to complete on 31 October 2019.

Fuller's Chief Executive Simon Emeny said: "The inns and hotels being
acquired are all iconic, character properties in sought-after locations in
the Cotswolds. They will further enhance our existing portfolio of premium
hotel accommodation, adding 201 stylish bedrooms.

"A number of the sites have further development potential and Cotswold Inns
& Hotels benefits from an established function business, spanning both
leisure and corporate custom as well as weddings. We expect to realise
further benefits from bringing the properties into Fuller's and for the
acquisition to be earnings accretive in the first year.

"Quintessentially English and renowned for a focus on fresh food, premium
accommodation and an exceptional level of customer service, this collection
of seven iconic country hotels is highly complementary with our existing


For further information, please contact:

Fuller, Smith & Turner P.LC.

Simon Emeny, Chief Executive 020 8996 2000

Adam Councell, Group Finance Director 020 8996 2000

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

Instinctif Partners

Justine Warren 020 7457 2020

Notes to Editors:

Fuller, Smith and Turner P.L.C. is a premium pub and hotel business. The
Company runs 179 Tenanted pubs and 206 Managed Pubs and Hotels, with a focus
on delicious fresh, home-cooked food, outstanding cask and craft ale, great
wine and exceptional service. The Company also has 827 boutique bedrooms in
its Managed estate. The Fuller's pub estate stretches from Brighton to
Birmingham and from Bristol to the Greenwich Peninsula, including 174
locations within the M25. In June 2018 Fuller's acquired Bel & The Dragon,
comprising six stunning country inns (included in the pub numbers above),
and the Company also owns The Stable, a craft cider and gourmet pizza
restaurant business, which has 16 sites in England and Wales. In April 2019,
Fuller's sold its brewing division to Asahi Europe Ltd.

Category Code: ACQ
OAM Categories: 3.1. Additional regulated information required to be
disclosed under the laws of a Member State
Sequence No.: 24376
EQS News ID: 894825

End of Announcement EQS News Service

(END) Dow Jones Newswires

October 23, 2019 04:08 ET ( 08:08 GMT)

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