Fuller's buys Warwickshire's Lovely Pubs for £22.5m

London pub group Fuller's has acquired Warwickshire’s Lovely Pubs group for £22.5 million.

The latter comprises seven pubs in the county, six of which are freehold, said Fuller.

They are Orange Tree in Chadwick End, the Boot Inn at Lapworth, the Farm in Monkspath and Morton’s Kitchen in Dickens Heath.

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Also included is the Baraset Barn in Alveston, the Moat House Inn at Kings Coughton and the Queen’s Head in Stoke Pound.

Fuller's chief executive Simon Emeny said: "I’m delighted to be announcing the acquisition of Lovely Pubs.

"These seven outstanding sites are a perfect fit with our existing estate both in terms of their premium operational style and their geographical location. We are looking forward to welcoming these pubs, and their teams, to the Fuller’s family."

In the last reported financial year, Lovely Pubs generated EBITDA of £3.1 million.

The deal is expected to be earnings enhancing in the first full year and will be funded from existing banking facilities, said Fuller.

CBRE acted as advisors.