Wragge & Co advises on £60 million acquisition for Young & Co.'s Brewery, P.L.C.
Wragge & Co's real estate experts have advised London-based pub operator Young & Co.'s Brewery, P.L.C. on its £60 million acquisition of managed pub group Geronimo Inns. The deal transfers 26 properties into Young's existing estate of 122 managed pubs and takes its total estate to 247 pubs.
One of the largest deals within the leisure sector in the last year, it marks a significant move by Young's to expand its business and focus on premium London managed houses. The Young's and Geronimo pubs will continue to be run discretely within the enlarged business.
Real estate partner Emma Pioli led the team that advised on the property aspects of the deal. This included associate Kulvir Desai, solicitor Holly Taylor and paralegal Denise Farr-Deacon. The team worked closely with Young's company secretary Anthony Schroeder and head of property David Turner.
Emma Pioli said: "This is a significant investment for Young's and shows that high-quality assets are still very attractive in the current market. Due to tight timescales and the need for the board at Young's to focus on the corporate aspects of the deal, the client needed us to take an acutely commercial approach and limit reporting to key issues impacting the business. We were able to meet this challenge through our deep understanding of the client's property needs and the strong working relationship we have developed with the business over the last few years."
Anthony Schroeder at Young's added: "The acquisition of Geronimo Inns provides a real opportunity to accelerate growth for our business. It increases our managed estate by more than 20% to 148 pubs and brings on board expertise in operating both leases and concessions at high footfall locations such as Heathrow Airport. It marks an exciting step forward in our expansion plans and we're looking forward to combining best practices from across both teams."
Young's manages and operates a total of 247 pubs in London and the south-east. It also has a 40% shareholding and interest in a brewing and distribution joint venture, Wells & Young's Brewing Company Limited. For its half year ended September 2010 the company reported a turnover of £67.7 million, incorporating a 3.4% increase in managed house revenue. Slaughter and May advised Young's on the corporate side of the deal. Dickson Minto supported Geronimo Inns.
The Retail, Energy and Leisure Management team works with the 140-lawyer Real Estate group and provides clients in the retail and leisure real estate industries with a sector-focused service. Its experts offer advice across a full-range of services and act for a number of international household-name brands on their UK real estate requirements.
For further information about this press release, contact Kathryn Hobbs on +44 (0)121 685 2785, Rebecca Davies on +44 (0)121 685 3819, Gayle Biddle on +44 (0)121 685 2708 or Amy Richards on +44 (0)121 260 9973
This press release may contain information of general interest about current legal issues, but does not give legal advice.