Key Points
- The Chiswick-based upmarket pubs and hotel operator Fuller, Smith & Turner PLC (Fuller’s) has signed agreements for the purchase of 10 pubs at a cost of £35.25 million in a two-fold deal.
- It will involve purchasing properties from Stonegate Group along with another transaction from an institutional property investment firm.
- The total 10 pubs that are being acquired consist of four freehold properties and six leasehold properties.
- Out of the ten newly acquired pubs, nine are located in prestigious London postcode areas, while the tenth pub is located in central Bath.
- Prominent pubs that form part of the deal include The Blue Anchor in Hammersmith, The Shipwrights Arms in London Bridge, and The Duchess next to Selfridges.
- The total £35.25 million cost involved amounts to around 8.4 times the EBITDA of the sites being acquired, or eight times the annual earnings.
- Completion of the four freehold pubs is planned for September 2026, while the completion of the leasehold pubs will be on an individual asset basis upon receipt of landlord consent.
- This deal will be financed using existing debt financing facilities of Fuller’s.
uk/local/hounslow/chiswick/">Chiswick (West London Times) September 9, 2026 — Chiswick-based premium pubs and hotels operator Fuller, Smith & Turner (Fuller’s) has announced a significant expansion of its property portfolio through the acquisition of 10 high-performing pubs in a deal valued at £35.25 million.
As reported by Juliet McDonald of The Chiswick Calendar, the £35.25 million layout equates to roughly eight times the annual earnings of the ten acquired venues. The purchase incorporates a mix of four freehold and six leasehold sites secured through a parallel arrangement with the Stonegate Group and an institutional property investment company.
Which Notable Pubs Are Included in the Fuller’s Acquisition?
As detailed by the hospitality news desk at Hospitality Week, the portfolio features several prominent locations, notably including The Blue Anchor in fulham/hammersmith/">Hammersmith, The Shipwrights Arms in London Bridge, and The Duchess situated directly next to Selfridges. Out of the ten total properties brought into the fold, nine are firmly positioned within prime London areas, while the tenth site is located in the heart of Bath.
Highlighting the strategic value of the riverside venue, Juliet McDonald of The Chiswick Calendar noted that Fuller’s has maintained a long-standing commercial interest in the riverside corridor in and around Hammersmith, where the company already operates establishments such as The Dove, the Blue Boat, and the Cross Keys.
What Have Company Executives Stated About the Deal?
Addressing the financial markets and stakeholders, Fuller’s Executive Chairman Simon Emeny stated that
“I am delighted to be announcing this transaction today.”
As outlined by Simon Emeny in statements carried across multiple financial and trade publications including AskTraders and Hospitality Week,
“We have always maintained a disciplined policy of only acquiring the right assets at the right price – and they must always be estate enhancing.”
Simon Emeny further added:
“This transaction certainly meets these criteria, and I’m delighted to welcome well known gems like the Shipwrights Arms in London Bridge, the Duchess next to Selfridges, and the Blue Anchor in Hammersmith to the Fuller’s family.”
According to Simon Emeny, as covered by Juliet McDonald of The Chiswick Calendar,
“This collection of ten outstanding pubs, located in geographies where we already have a strong presence and knowledge of the customer, are a perfect complement to our existing estate.”
Furthermore, Simon Emeny noted that these additions
“will provide additional momentum to the strong earnings growth being delivered by our core business.”
How Will the Transaction Be Financed and Completed?
As reported by the AskTraders news team, the total purchase price before transaction taxes and associated fees represents a multiple of 8.4 times the acquired sites’ EBITDA. The capital outlay is being fully supported through Fuller’s pre-existing debt facilities.
In terms of procedural timelines, the acquisition of the four freehold public houses is on track to finalize during September. Meanwhile, the transition of the six leasehold properties will proceed progressively on an individual, asset-by-asset basis, remaining contingent upon securing formal consent from the respective landlords. Management has indicated that comprehensive updates regarding the financial contribution of these new venues will be delivered during the company’s interim results presentation later in the year.
Background of the Particular Development
The acquisition reflects a continuation of Fuller, Smith & Turner’s targeted expansion strategy within the southern half of England, focusing heavily on premium-tier managed pubs and hotels. Over recent fiscal periods, Fuller’s has registered positive financial recovery and growth—highlighted by recent annual results showing total revenues climbing 5.7% to £397.8 million alongside expanding pre-tax profits.
By targeting well-established urban properties owned previously by large-scale operators like Stonegate Group or institutional funds, Fuller’s continues to consolidate its footprint in high-density footfall areas across London and select historic cities like Bath where it already maintains operational synergy and consumer brand familiarity.
This development is expected to positively impact shareholders, regular patrons, and local staff members within the newly acquired venues. For investors, the bolt-on integration of cash-generative, premium-positioned assets supported by existing debt lines is anticipated to provide incremental momentum to core earnings without forcing a deviation from the company’s traditional risk-managed growth model.
For local patrons and hospitality consumers visiting venues such as The Blue Anchor or The Duchess, the transition under Fuller’s management will likely bring investments into seasonal fresh food menus, curated drinks ranges, and interior upkeep aligned with the brand’s 180-year operating standard. Employees at the ten sites will transition into an established corporate network that emphasizes structured training across its workforce of over 5,000 personnel.
