JW Lees buys more pubs
MANCHESTER brewer JW Lees has struck a deal with Punch Taverns to buy 10 of its pubs.
JW Lees has not disclosed the value of the deal which was financed by the Royal Bank of Scotland.
The acquisitions will increase the number of pubs in the JW Lees estate to 173. Six of the target pubs are managed houses and four are tenancies.
William Lees-Jones, managing director of JW Lees said: “They are all great pubs, fit well into our existing portfolio and we look forward to integrating them into our estate.
“We have been keeping our powder dry for a number of years and this is the largest number of pubs that we have been able to acquire in one transaction for over 100 years.”
The business, which employs 758 people, pulled in turnover of £49.6m in the year to March 31, 2008, down 2.3%. Like-for-like pre-tax profit was almost static at £4.6m, but dropped 12.5% to £3.5m after stripping out profits from disposals.
RBS relationship director Steve Hall said: “Whilst other pub operators are struggling with the difficult economic climate JW Lees is taking the opportunity to expand its estate.
“We have a long standing relationship with the company which dates back almost 100 years and are delighted to support these acquisitions.”
JW Lees was established in 1828 by cotton manufacturer John Lees. The company was later renamed JW Lees and Co (Brewers) when John William Lees, the grandson of John Lees succeeded the company in 1876. The business remains a family run concern and is still based at its original Greengate Brewery site in Middleton.
