Business
Disposal of pub estate
Disposal of pub estate.
About this update from Roadside Real Estate Plc
[{"type":"text","content":"\n\n \nRoadside Real Estate PLC\n \n(\"Roadside\" or the \"Company\")\n \nDisposal of pub estate\n \nAs set out in the interim results announcement of 27 June 2024, Roadside (AIM:ROAD) confirms the disposal of its four remaining pubs (the \"Disposal\"). The Disposal continues Roadside's stated strategy to refocus the business on Roadside Real Estate assets.\n \nAbout the Disposal\n \n- Roadside has disposed of its four remaining pubs: The Bull Hotel, The Rose and Crown and The Eliot Arms (leaseholds) and operational responsibility for the Coach & Horses (freehold).\n- Roadside has agreed to terminate its existing leases, for nil cost, at The Bull Hotel, The Rose and Crown and The Eliot Arms.\n- The existing management team, via PS91 Hospitality Ltd, have agreed new leases with the landlords of these pubs and have assumed all operational responsibility.\n- Barkby Pub Co Ltd, a wholly owned subsidiary of the Company, retains the freehold for the Coach & Horses and has granted a lease to PS91 Hospitality Ltd to operate that pub.\n- No consideration was receivable by Roadside and no fees were paid to terminate the leases.\n- In the period ended 30 September 2023 the assets subject to the Disposal achieved a loss before tax of c.£0.8m (after allocation of central costs) and were held at a total carrying value of c.£0.2m.\n \nCharles Dickson, Executive Chairman of Roadside, commented:\n \n\"We are pleased to have concluded the exit of our pub business and we continue to focus on the execution of our roadside real estate strategy.\"\n \n \n- Ends -\n \nEnquiries:\n \n\n\n\n\nRoadside Real Estate PLC\nCharles Dickson, Executive Chairman\nc/o Montfort Communications\n \n\n\n\n\n\n\n\n\nMontfort\nOlly Scott\nGeorgia Colkin\n \n\n\n \n+44 (0)78 1234 5205\n+44 (0)75 4284 6844\n\n\n\n\nCavendish Capital Markets Limited (Nomad and Broker)\nCarl Holmes / Fergus Sullivan (Corporate Finance)\nTim Redfern (ECM)\n \n\n\n \n+44 (0) 20 7220 0500\n\n\n\n\nStifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker)\nMark Young\nJonathan Wilkes-Green\nCatriona Neville\n\n\n\n\n\n\n\n \n\n","length...