Recession fails to dent Fuller's acquisition plans

London pub company Fuller, Smith & Turner has revealed plans to add to its estate in the coming months despite the UK recession.

The company said that, on completion of the purchase of three pubs from Mitchells & Butlers next month, it will have added five new sites in its current financial year, taking its estate to 360 pubs.

And, having enjoyed a "robust" trading period since its half year results, Fuller's said it was well placed to purchase further high quality pubs, adding that the business remained highly cash generative.

Like-for-like sales in the Fuller's Inns managed pubs business in the first 7 weeks to 15 November 2008 following the half year grew by 1.8%.

In the 10-week period from 16 November 2008 to 24 January 2009 they grew 4.5%, increasing the year to date like-for- like sales growth to 2.7%.

Like-for- like profits in the tenanted division were down 1% for the 43 weeks to 24 January 2009.

Despite surging food and energy costs and the ongoing tough trading conditions, Fuller's said it remained confident it would achieve its profit target in the full year.

Former S&N director joins Fuller's board >>

Fuller's "well placed" to deal with UK recession >>

Fuller's opens new training centre >>
Food offers keep sales buoyant at M&B >>

By Chris Druce

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