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Shepherd Neame Ltd - Faversham, Kent-based brewer and pub chain - Buys three Essex pubs for an undisclosed sum, expanding its existing portfolio of properties. Says the addition of The Bellhouse in Leigh-on-Sea, The Exchange in Southend-on-Sea and The Hamlet Court takes Shepherd Neame's total of pubs and hotels to 303, across Kent, London and the South East.
Managing Director Jonathan Swaine says: ‘Following the strong company performance revealed in our latest trading update at the end of June, we have been actively looking for opportunities to grow and develop our high quality estate and are delighted to expand our presence in Essex with these unique properties.’
This purchase follows the company's recent acquisition of seaside bar and restaurant Urban Reef located next to the beach on Boscombe Promenade. The company reported last month that trading in the year ended June 25 was ‘in line with expectations’. Same outlet like-for-like retail sales in the six weeks to June 25 up 13% year-on-year, though still down 4.1% on pre-virus levels.
Current stock price: 812.5 pence
12-month change: down 18%
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