Wolverhampton & Dudley (W&D) has succeeded in its bid to buy Wizard Inns against competition from the Laurel Pub Company.
W&D has agreed to buy the company, which runs 63 managed pubs primarily in the south of England, for £89.9m. Laurel, which was shortlisted with W&D for the sale, offered £90m.
Wizard Inns’ estate is a mix of community pubs and unbranded bars, of which around half are freehold sites.
In 2003, the company reported earnings before interest, tax, depreciation and amortisation of £12.1m and sales of £43.8m.
W&D expects the acquisition to deliver savings of £2.5 in terms of overheads and purchasing in the year to September 2005.
It is also believed to be interested in 432 neighbourhood pubs put on the market by Laurel.
by Angela Frewin
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