The City Pub Group has sold six pubs for a total of £17.1m.
The Aim-listed pub company said it had sold five of the six pubs to Portobello Starboard for £16.2m cash.
The deal includes three pubs in Brighton (The Walrus, Brighton Beach Club, and The Lion & Lobster), the Inn on the Beach on Hayling Island and The Travellers Friend in Woodford Green, Essex, which together had a net book value of approximately £17.1m.
The transaction is expected to complete on or around 11 April 2022, subject to successful lease assignment of the Brighton Beach Club, which is the only non-freehold pub.
Separately, the company has sold the London Road Brew House, a freehold pub in Southampton, for £900,000. The sale completed on 18 March 2022.
The proceeds from the sale will be used to invest and expand the group across the UK.
The group’s chair Clive Watson said: “We have achieved a good price for these assets. The capital realised makes us debt free and in an excellent position to take advantage of the current market dislocation to further premiumise our estate and deliver long-term growth through selected acquisition.”
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