NewRiver REIT wraps up sale of community pub business to Admiral Taverns
UK-based NewRiver REIT plc said that it has wrapped up the previously announced £222.3 million sale of Hawthorn Leisure REIT to AT Brady Bidco Limited (Admiral Taverns).
Hawthorn Leisure REIT is the holding company of the entire community pub business, that was previously owned by NewRiver REIT. On the other hand, its new owner — Admiral Taverns is a wet-led community pub operator, with nearly 1,000 pubs in England, Scotland, and Wales.
The deal was announced in July 2021.
As of 30 June 2021, Hawthorn Leisure REIT held 674 leased and tenanted and operator managed community pubs.
NewRiver REIT took up the sale of its community pub business for resetting its loan to value (LTV) and provide the firepower needed for reshaping its portfolio.
At the time of signing the deal, Allan Lockhart — Chief Executive of NewRiver REIT said: “Over recent years, we have grown Hawthorn to become the UK’s leading community and wet-led pub business. As a consequence of this, we received significant interest from a range of potential buyers for Hawthorn, following the divestment plan we announced in April 2021.
“We have now agreed the sale of Hawthorn which, once completed, will deliver on our key priority to reset Loan to Value, strengthening our balance sheet and enabling us to focus on executing our resilient retail strategy.”