Fullers agrees £185m banking facility and announces new acquisition

Fullers has negotiated a new £185m banking facility that it says will provide the group with the headroom to pursue acquisitions.

The announcement follows the successful acquisition of the White Swan in Twickenham, with completion due on 19 March 2025. The pub on the river Thames in south west London will join Fuller’s managed pubs and hotels business.

Fullers has also initiated a share buyback programme to acquire up to one million ‘A’ shares. It said that the current share price undervalued the business and did not reflect the asset value of its freehold estate.

Chief executive Simon Emeny said: “With just two weeks to go, we have had a very strong year – and to cap it off with such an excellent new acquisition is the icing on the cake. The White Swan is a riverside gem in Twickenham, and we look forward to welcoming the team there into the Fuller’s family.

“We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges. We remain confident and optimistic about the future for our business and will continue to allocate capital to drive long-term growth and returns for shareholders.”

The group will announce its full year number on 11 June 2025.