Fuller’s agrees £185m bank facility for acquisition spree

Fuller’s has agreed a new £185m bank facility with a consortium of existing relationship banks until 31 August 2028, as the pub business is looking to pursue further acquisitions. 

The group has already exchanged contracts to acquire the freehold of The White Swan in Twickenham, which is due to be completed on 19 March. The property benefits from a riverside location. 

News of the bank facility comes as Fuller’s completed its share buyback programme at the start of the year, which resulted in the repurchase of 6.5 million ‘A’ shares. These shares were repurchased at an average price of £6.13, representing a 26% discount to the £8.30 price of the initial share placing in 2021. 

According to Fuller’s, the current share price of the company “significantly undervalues the business”, and as a result, it is initiating a new share buyback programme which intends to acquire up to one million ‘A’ shares.  

In addition, Fuller’s has completed a full buy-in of its pension plan with Legal and General to “provide an enhanced level of security and member service”. 

Ahead of the group’s financial year ending on 29 March 2025, Fuller’s maintains that its trading momentum continues to be strong and expects to deliver market expectations. 

Simon Emeny, CEO of Fuller’s, said: “With just two weeks to go, we have had a very strong year – and to cap it off with such an excellent new acquisition is the icing on the cake. The White Swan is a riverside gem in Twickenham, and we look forward to welcoming the team there into the Fuller’s family.

“We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges. We remain confident and optimistic about the future for our business and will continue to allocate capital to drive long-term growth and returns for shareholders.”