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City Pub Group PLC on Monday said it has acquired two new pubs in Soho and Oxford. The London-based owner and operator of 52 pubs said it acquired a premium freehold investment in Soho, London for £3.9 million from Consolidated St Giles LLP. The firm said the leasehold, which is currently operated as Simmons Bateman Street, has 16 years remaining, and currently generates £260,000 per year in rent. City Pub said it also acquired the leasehold of The Plough, Oxford, for £330,000 from 1855 Cornmarket Ltd. The firm said the leasehold has nine years remaining. The pub, which it said is one of the oldest in Oxford, saw revenue of £1.5 million in 2022. It said it intends to reposition the offer following ‘modest refurbishment’ which will maintain the building’s ‘unique heritage’. Chair Clive Watson said: ‘We are delighted to secure the acquisition of these two pubs both of which are in locations where we have existing pubs nearby. Soho is a fantastic trading locale with high footfall from tourists, theatregoers 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.’ ‘The group will continue to look at further acquisitions which are located in areas where we already have a presence.’ City Pub shares rose 0.1% to 88.60 pence each on Monday afternoon in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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