see all jobs
Wolverhampton & Dudley buys Celtic Inns
The UK brewer and pub group Wolverhampton & Dudley Breweries (W&DB) has acquired Southampton-based pubs operator Celtic Inns Holdings Ltd for £43.6m.
Celtic has an estate of 70 pubs based predominantly in South Wales, but with 21 in southern England, approximately three quarters of which are freehold. 63 are tenanted outlets and the remaining seven are managed.
Ralph Findlay, chief executive of W&DB, said: “The acquisition represents good value for our shareholders. Celtic has a good quality estate which complements our existing business both operationally and geographically.”
For the 12 months to December 2005, Celtic’s earnings before interest and tax were £4.2m and, according to W&DB, it is anticipated that the acquisition will generate annual purchasing synergies of £200,000.
The pubs were bought on a debt and cash free basis from Dunedin Capital Partners and Dr Ainsworth, a private investor, with certain employee shareholders receiving loan notes. W&DB currently has 2,287 sites in the UK.
Paul Inglett, group finance director for W&BD, said: “We will in time refurbish some of the newly acquired pubs once we have had a good chance to fully assess the estate.”
He added: “We would be interested in further pub acquisitions, but only if they were similar to our existing pub estate, for example, predominately freehold, community pubs.”
The total amount payable to Celtic will be subject to an adjustment based on net working capital at the completion of the acquisition.
Photograph: Ralph Findlay, chief executive of W&DB
More News
- News by sector (all)
- All news
- Fitness
- Personal trainer
- Sport
- Spa
- Swimming
- Hospitality
- Entertainment & Gaming
- Commercial Leisure
- Property
- Architecture
- Design
- Tourism
- Travel
- Attractions
- Theme & Water Parks
- Arts & Culture
- Heritage & Museums
- Parks & Countryside
- Sales & Marketing
- Public Sector
- Training
- People
- Executive
- Apprenticeships
- Suppliers