City Pub Group expands portfolio with iconic London and Oxford pubs

City Pub Group plc (AIM: CPC), recognized for operating 52 esteemed pubs in Southern England and Wales, is making headlines with its latest acquisitions. The group has officially added two more pubs to its portfolio, located in London’s bustling Soho and the historic Oxford city centre.

Soho’s Simmons Bateman Street Joins the City Pub Group’s Premium List

At the heart of Soho, the Group has taken ownership of the freehold investment of Simmons Bateman Street. Generating an annual rent of approximately c£260k, this pub presents a lucrative asset. Acquired for a cash consideration of c£3.875m from Consolidated St. Giles LLP, the property boasts 16 years left on its lease. With its next rent review slated for October 2027, and linked to an RPI increase with stipulated limits, this venue is poised for a sustainable revenue stream.

Oxford’s The Plough Enhances City Pub Group’s Offering in Historical Sites

The Plough, situated on Oxford’s Cornmarket, carries a legacy as one of the city’s oldest pubs. The Group has purchased its leasehold interest for a cash value of c£330k from 1855 Cornmarket Limited. The pub, known for its 150 internal covers and additional 70-80 external covers, reported an impressive net turnover of £1.45m in 2022. With an estimated EBITDA of £350k, City Pub Group plans a tactful refurbishment to uphold its heritage and boost its market positioning.

City Pub Group’s Vision: Integrating New with the Old and Eyeing Strategic Expansion

Clive Watson, Executive Chairman of City Pub Group, expressed the company’s enthusiasm, saying, “Acquiring these two strategically located pubs is a delightful milestone for us. With the high footfall from Soho’s tourists and theatre enthusiasts and The Plough’s historical allure in Oxford, we’re optimistic about their long-term value. Not to mention, both acquisitions are near our existing establishments.” He emphasized their ongoing pursuit for more acquisitions in areas they’re familiar with, and reaffirmed, “Our goal remains to augment our premium pub portfolio and maintain a keen eye on organic sales growth.”