The City Pub Group acquires 49% stake in Barts Pub LTD
The group also revealed that it has increased its stake to 24% in the Mosaic Pub and Dining Group
The City Pub Group has announced that it has acquired a 49% stake in Barts Pub ltd, owner of the Kensington Park Hotel (KPH) for £750,000.
The KPH is a leasehold pub located 200 metres from Ladbroke Grove tube station, it has large trading areas on the ground and first floors and benefits from seven hotel letting rooms with the potential for a further four letting rooms on the top floor.
The firm will operate the pub under a management contract with the option to buy the freehold for £5.5m up until March 2024.
The company also revealed that it has increased its stake to 24% in certain companies within the Mosaic Pub and Dining Group, through the acquisition of existing shares in The Galaxy Pub, The Pioneer Pub and The Sovereign Pub for a total cash consideration of approximately £1.18m.
The group acquired a 14% stake in the Mosaic Companies in September 2020 with the new transaction taking its total investment to £2.42m. Mosaic owns nine pubs, predominantly in London and Birmingham, of which seven are freehold.
Clive Watson, executive chairman of the City Pub Group, said: “These two corporate transactions demonstrate that the Company can provide liquidity for shareholders in EIS companies on a staged basis, with the aim of significantly increasing the size of our portfolio over the next 2-3 years.
“We will continue to look at selective, high quality single pub acquisitions as well as larger estates.”
