City Pub Group acquires two new sites

The City Pub Group (CPG) has completed the acquisition of two pubs in London and Oxford, bringing its total estate to 52 sites across England and Wales.

The pub group has acquired a freehold investment for Simmons Bateman Street in Soho for around £3.875m, and the leasehold interest for The Plough in Oxford for approximately £330,000.

CPG said that Simmons Bateman Street currently generates around £260,000 a year in rent, with the next rent review due in October 2027. The lease currently has 16 years remaining.

The Plough is one of Oxford’s oldest pubs, and benefits from 150 internal covers as well as between 70 and 80 external covers. The annual net turnover of the pub in 2022 was approximately £1.45m. The group intends to reposition the pub’s offer with a refurbishment, whilst maintaining its heritage.

Clive Watson, executive chairman of CPG, 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, 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.

“The group will continue to look at further acquisitions which are located in areas where we already have a presence.

“As stated in our recent results statement, we are looking at similar acquisitions to complement our premium pub portfolio as well as continued focus on organic sales growth.”