I predicted way back in March that Lees would buy more pubs.To prove the point they have bought a parcel of ten from the debt laden Punch Group. All are in the North West and are as yet un-named.
They will have been bought for cash too I suspect.
1 hour ago
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Fullers, Adnams, Robinsons, now Lees. There's no sense that these pubs have been identified as "non-core" assets, it just seems like a fire sale.
One caveat is that Lees beer is very much an acquired taste, and locals won't necessarily be flocking to drink it. The Gardeners Arms in Stockport (which doesn't serve cask) has not been a roaring success for them.
I don't know the Gardeners Arms, but I'll make enquiries. Maybe being force fed Robbies for so long has tainted the locals' palates? (-:
"Maybe being force fed Robbies for so long has tainted the locals' palates?"
Or educated them!
I did put a smiley on!
Latest reports are that Shepherd Neame have bought 13 pubs from Punch and Charles Wells 17. No doubt these are the cream of the crop and not marginal outlets. It really is looking like panic selling.
It will also greatly strengthen the hand of the family brewers, which IMV is good news.
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