JD WETHERSPOON APPOINTS CBRE TO DISPOSE OF 34 PUBS
Pub operator JD Wetherspoon has appointed CBRE to handle the disposal of 34 of its pubs.
The properties, which are being considered for sale either as a portfolio, in small packages or individually are located in strong town and city centre locations within England, Scotland and Wales. Of the 34 pubs, 27 are owned either freehold or held on a long lease at a nominal rent with the remaining 7 outlets held on leases with an average unexpired term of 18 years. The units are generating total sales of in excess of £38 million (net of VAT), with an average weekly turnover per pub of more than £22,000 per week.
The portfolio represents a rare opportunity to acquire substantial high volume businesses which have seen sales growth in each of the last five years. Food sales represent more than a third of total sales, having increased by 40% over this period, which makes the pubs ideally positioned to benefit from the continued growth in eating outside of the home. We anticipate strong interest from existing operators and new entrants keen to create a platform which can be used to build a successful managed estate.