Whitbread has sold its historic conferencing and banqueting site, the Brewery, for £55m.
New owners, Earls Court & Olympia group, paid for the site in cash. The group owns the Earls Court and Olympia exhibition spaces in West London.
Based in London’s Chiswell Street, the Brewery has been part of Whitbread’s stable for more than 250 years and was the centre of the company’s now defunct brewing operation until the end of the 1970s.
Whitbread chief executive Alan Parker said: “We have previously announced our strategy to exit from non-core parts of our business. This has been achieved at a sale price above book value.”
As part of the ongoing shake-up instigated by Parker, which has seen the disposal of Marriott, Whitbread’s senior management team is to be restructured.
Parker said more details would be released at the company’s half year results on 25 October, but there would be the creation of shared services covering human resources, property, information systems and communications functions at the group.
By Chris Druce
Get your copy of Caterer and Hotelkeeper every week - click here to subscribe and save 25%.