Cheshire Cat Pubs and Bars buys in Punch and Wellington freeholds:
Cheshire Cat Pubs and Bars, led by Tim Bird and Mary McLaughlin, has acquired the freehold of their Bulls Head Pub from Punch Taverns and also bought the freehold of The Roebuck Inn from Wellington Pub Company, situated opposite The Bulls Head in Mill Lane, Mobberley in Cheshire.
Bird told Propel: â€œIt has been exciting doing the two deals at the same time. We have operated The Bulls Head for four years on a lease with Punch Taverns and have built the pub up after carrying out a major refurbishment. We are sure Punch is pleased with the deal but we are delighted to have paid 4.8x Ebitda for a pub we cherish. As for The Roebuck Inn, this pub has been closed for well over a year. It sits straight opposite The Bulls Head in Mill Lane, Mobberley. We were tired of looking across the lane and seeing The Roebuck deteriorate and knew if the deal was right we would go for it. We will hopefully develop bedrooms and a small bistro as well as the barns and gardens. It is the first time in history (some 200+ years or more) that the two pubs are under single ownership. Our bank, HSBC, have been hugely supportive with the two investments and we continue to work very closely with it. In a year of consolidation we had said that we wouldnâ€™t necessarily be acquiring a pub this financial year but this opportunity was a rare one and we had to take it.â€
The deal means Cheshire Cat Pubs and Bars now own three freeholds and two 25-year leasehold pubs in Cheshire. Meanwhile, its award-winning Cholmondeley Arms, situated on Lord Cholmondeleyâ€™s estate, celebrates its claim to fame as the biggest Gin Palace in the north west next week when it holds its first â€˜Annual Gin Fest â€™. Gin brand owners are asked to visit www.cholmondeleyarms.co.uk to check if they are listed in its collection of 200 gins.
Bird added: â€œIf they arenâ€™t listed then we challenge them to bring their â€˜Gin to the Innâ€™ on Saturday 19 July.â€