City Pub Group: Expansion continues with acquisition of Bateman Street’s Simmons
City Pub Group has announced the acquisition of two new pubs in Soho and Oxford, continuing a shopping spree this year.
The pub group, which owns Chelsea’s The Phene and a host of other upmarket pubs, has snapped up the site of the popular Bateman Street Simmons cocktail bar and the Plough, one of the oldest pubs in Oxford.
The acquisition of Soho’s Simmons from landlord Consolidated Giles LLP is expected to cost around £3.88m.
The Plough, a leasehold pub located in the Cornmarket in the centre of Oxford, will be bought for a cash consideration of around £330,000 from 1855 Cornmarket Limited.
Clive Watson, executive chairman of City Pub Group, said “Soho is a fantastic trading locale with high footfall from tourists, theatre goers and residents alike and we’re confident the acquisition will be a good long term investment.”
“The Plough is in the heart of Oxford, traded extremely well last year and we have exciting plans to reposition it to further maximise its potential.”
Watson said the company, which runs 52 premium pubs across Southern England and Wales and has bought up a number of new venues this year, was looking at “further acquisitions.”
Shares jumped 1.69 per cent after this mornings’ announcement.