Pubs ‘n' Bars acquires Moorgate Taverns

06 December 2007 by
Pubs ‘n' Bars acquires Moorgate Taverns

Pub operator Pubs ‘n' Bars has acquired Moorgate Taverns for £9.27m.

Moorgate Taverns operates 10 freehold pubs in Hertfordshire and Oxfordshire.

The deal includes the assumption of £7.08m of debt and will see Pubs ‘n' Bars operate 106 sites once complete, including 54 freeholds and 52 leaseholds.

All but one of the acquired Moorgate taverns sites are tenanted and have tied contracts for their beer supply.

The purchase is expected to generate additional net revenues of about £670,000 per year, before interest charges.

Last month Pubs ‘n' Bars disposed of two poor performing leasehold managed pubs for £50,000 stating their strategy was to dispose selectively while remaining acquisitive.

Pubs ‘n' Bars offloads two under-performing sites >>

Smoking ban hits sales at Pubs'n'Bars >>

By Christopher Walton

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