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Spirit Group in talks to sell £200m pubs portfolio
Pub and bar operator Spirit Group is understood to be in discussions regarding the sale of around 170 of its high street bars and pubs for an estimated £200m.
The group – which acquired S&N Retail in 2003 for £2.5bn – owns more than 2,000 pubs and recently revealed a drop in trading following a decrease in profit margins.
A spokesperson for Spirit said that the company had received a number of expressions of interest regarding the acquisition of all or some of its City Day and Night high street division, which comprises 220 pubs and includes the Bar 38 and Via Fossa brands.
Deutsche Bank has now been appointed to advise on strategic options for the division.
The spokesperson said: “We have been approached by a number of parties who are interested in our City Day and Night pubs.
“Our options range from a variety of possible property and financing transactions to the sale of all or some of our City Day and Night businesses.”
Interested parties are thought to include GI Partners – the US private equity firm which owns Yates Group – and the Iranian property mogul Robert Tchenguiz – who acquired a total of 364 Spirit pubs in December 2004 in a £345m deal. Details: www.thespiritgroup.com
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