Pubs ‘n' Bars buys Moorgate London for £6.6m
Pubs ‘n' Bars has bought rival pub company Moorgate London for £6.6m.
Moorgate London is an estate of seven freehold public houses in Hertfordshire and Oxfordshire.
Pubs ‘n' Bars said the acquisition would add £7m of fixed assets to its balance sheet and is expected generate net revenues of £400,000 a year going forward.
The company paid £6.64m for the company, taking on £4.3m of bank debt as part of the deal for Moorgate. It has issued more than five million new shares priced at 43p to fund the move.
Pubs ‘n' Bars will have an estate of 73 boozers post deal.
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By Chris Druce
E-mail your comments to Chris Druce](mailto:chris.druce@rbi.co.uk?subject=Pubs 'n' Bars buys Moorgate London for £6.6m) here.
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