Pub group Young’s has agreed to snap up Cubitt House London Pubs, in a deal reportedly worth around £30 million.
Young & Co’s Brewery told shareholders on Wednesday it has struck a deal to buy the eight-strong collection of gastropubs and pubs with rooms.
The boss of Young’s said the deal marries up with its strategy to acquire new pubs to “selectively expand”.
The pubs include The Barley Mow (Mayfair), The Builders Arms (Chelsea), The Coach Makers Arms (Marylebone), The Grazing Goat (Marylebone), The Orange (Belgravia), The Princess Royal (Notting Hill), The Thomas Cubitt (Belgravia) and The Alfred Tennyson (Belgravia).
The deal will also include a ninth pub in Belgravia, which is currently being developed.
Bosses said that Young’s has “closely followed the Cubitt House pubs business for some time” and highlighted the strong across the group.
The move will be funded from existing banking facilities and is expected to complete on April 22, Young’s said.
Cubitt House has grown under the leadership of Sam and Georgie Pearman, with Ben Tish as chef director.
Simon Dodd, chief executive of Young’s, said: “We are delighted to be adding this collection of iconic pubs and pubs with rooms to the Young’s estate.
“Located in some of London’s most affluent neighbourhoods, these premium sites align perfectly with our strategy to selectively expand our business.”
Young’s shares were up 6.4% on Wednesday.