United Kingdom: Wolverhampton & Dudley Breweries indicated on January 21 that its recent £119 million takeover of rival Burtonwood may not mark the end of its buying spree. The Midlands brewer and pub operator said it was making good progress and still had the financial flexibility “to take advantage of opportunities as they arise”.
Like-for-like sales in the 15 weeks to January 15 were in line with company expectations, up 3% at its Pathfinder Pubs managed estate and 3.4% at its Union Pub Company tenanted inns. Update of January 21 was delivered at the annual meeting of the company and comes 24 hours after rival Enterprise Inns told its shareholders that recent sales had been healthy.
Wolves, which owns the the Pitcher & Piano, Bostin’ Locals and Service That Suits Me chains, has expanded rapidly since March when it completed a £150 million refinancing to give it a war chest for buying pubs.
It snapped up the 63-strong estate of Wizard Inns for £89.9 million, following it with a deal for Cheshire-based Burtonwood that was completed a fortnight ago. Chief executive Ralph Findlay today said the integration of the 460 Burtonwood pubs was underway and should be finished by the end of April. “Trading in the acquired business over the festive period was good and in line with our expectations,” he said.
“The business continues to make good progress, and we remain prudently financed, providing us with considerable flexibility to take advantage of opportunities as they arise.”
The past 12 months have seen the emergence of pub powerhouses, with Enterprise Inns purchasing the Unique Pub Company and Punch Taverns doubling its estate with the takeover of Pubmaster.
Wolves currently has a total estate of 2,050 pubs, with more than two-thirds grouped in its Union Pub Company. It also brews Banks’s, Hanson’s and Mansfield beers in Wolverhampton and Marston’s Pedigree ale in Burton-on-Trent, Staffordshire. Shares in the company were 1% lower or 10p at 1119p.
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