More pubs for the old English
The Old English Pub Company (OEPC), the pub chain based in Potters Bar, Hertfordshire, is about to buy its 60th outlet as part of plans to double in size over the next four years.
The chain was believed to be about to exchange contracts to acquire the Marquess of Exeter at Lyddington, near Uppingham, Leicestershire, as Caterer went to press.
The property, which was in receivership, has 17 bedrooms. The acquisition will give OEPC about 370 letting bedrooms across its estate.
"By 2000 we want to have 120 pubs, with an estate that offers a balance between food, liquor and letting bedrooms," said Barry Warwick, OEPC's chief executive.
The desired sales split would be 20% from accommodation and 40% each from food and liquor, he added.
Earlier this month the group paid £2.84m for five pubs that had 45 letting bedrooms in total. Their combined turnover was £2.24m and estimated pre-tax profits were £446,000.
Two of the units, the Three Cranes in Turvey, Bedfordshire, and the Green Man in Lavendon, Buckinghamshire, are located just two miles from each other. Both were sold through the Business Sales Group.
The other pubs are: the Hunters Hall, Kingscote, Gloucestershire; the Lenchford Hotel, Shrawley, Worcester; and the Woolpack, Beckington, Bath.
Like all new acquisitions, the pubs will be refurbished in the OEPC format, offering food and cask ales in traditional surroundings of log fires and flagstone floors.
Mr Warwick said he planned to continue cherry-picking suitable pubs. He is understood to have made offers on five more sites. Pubs with between 15 and 20 bedrooms are typically the target, although pub restaurants without rooms would be considered.
