I've just heard that Whitbread has sold the Otterspool and Britannia pubs to Mitchells and Butlers.
Does this mean they will restore the beauty of the Britannia Pub, in Otterspool? Loved the scenery and having a pint there..
Thanks for keeping us all up to date on this.. Personally, don't think anymore hotels are needed there now..
A nice eattery and pub is deserving in that spot...
Mitchells & Butlers plc to acquire 44 pub restaurants from Whitbread PLC in exchange for 21 Express by Holiday Inn Lodges
Following Mitchells & Butlers' stated intention to create additional value from its non-core assets, a swap of lodge assets for pub restaurants has now been agreed with Whitbread.
Under the terms of the agreement, Whitbread will acquire 21 of Mitchells & Butlers' lodge sites (1245 rooms), currently trading under the Express by Holiday Inn brand, in exchange for 44 standalone Whitbread pub restaurant sites, currently trading under the Brewers Fayre and Beefeater brands. The exchange has been made on the basis of equivalent EBITDA of circa £9m from both the hotels and the pub restaurants and a valuation of circa £78m for both sets of assets to be exchanged.
These high quality pub restaurant sites will be converted to Mitchells & Butlers' industry leading brands and formats with significant sales and profits uplifts expected. The transaction is expected to complete on 19 September 2008. In order to assist in funding the capital expenditure required for the conversions and to further reduce group debt levels, we intend to review opportunities for sale and leaseback financing on these acquired freehold sites. This would demonstrate the value of the properties acquired, in addition to the value that will be created from the operational profit uplifts generated by the brand conversions.
We will also continue to actively pursue the creation of additional value from our other non-core assets, including the Innkeeper's Lodge units.
Commenting on the deal, Tim Clarke, Chief Executive of Mitchells & Butlers, noted:
"This deal drives further consolidation in top end managed houses and demonstrates our ability to create value from the non-core assets. Our brands can add a lot of value to these pub restaurant sites as we have shown with previous acquisitions."
Taken from the M & B website
and the Whitbread view on the same deal...
Whitbread PLC to acquire 21 Express by Holiday Inn hotels from Mitchells & Butlers plc in exchange for 44 Whitbread Pub Restaurants
Whitbread PLC ("Whitbread") today announces that it has agreed to acquire 21 hotels (1245 rooms), currently operating as Express by Holiday Inn hotels from Mitchells & Butlers plc ("MAB"), in exchange for 44 Whitbread pub restaurants.
The exchange has been made on the basis of equivalent EBITDA of around £9m from the hotels and pub restaurants and an estimated value of £78 million for the assets to be exchanged. This transaction is expected to be earnings neutral in 2009/10 and thereafter earnings enhancing.
The exchange will take the total number of UK Premier Inn rooms to over 38,000 in 550 hotels. Planning consent has been granted to extend five of the 21 acquired hotels, adding around 200 new rooms. Whitbread has identified additional opportunities to extend the acquired estate to over 1500 rooms, subject to planning approvals. This represents a significant contribution towards the 2008/09 target of 4,000 new Premier Inn rooms.
The hotels are modern, in prime locations throughout the UK and will be fully integrated into the Premier Inn estate on completion. The 400 existing employees at the hotels will transfer to Whitbread and approximately 1300 pub restaurant employees will transfer to MAB on completion, due on 19th September 2008.
The 44 Whitbread pub restaurants to be exchanged are on sites where development with a Premier Inn has not been possible due to planning constraints. Whitbread will continue with plans to develop a Premier Inn on its remaining 51 pub restaurant sites where there is currently not yet a hotel alongside.
Alan Parker, Chief Executive Officer commented:
"There is a clear and compelling logic to this transaction. Acquiring this well located, modern hotel estate will enable us to re-brand quickly, drive occupancy, increase profits and extend the number of rooms at these hotels by at least 20%.
"We are exchanging these pub restaurant sites because we have been unable to develop a Premier Inn alongside, which was the reason for retaining them".
taken from the Whitbread website
First off: Thanks Ginger the Cat, for all the info!
If I am reading this correctly.. Apt. houses are going to originate instead? Or sort of like that? Or is it just a better resturant?
Just a bit confusing to me, but, I hope something good comes of it.. That tranquil location was superb for a Pub/eattery...
Last edited by naked lilac; 08-04-2008 at 08:21 PM.
There are so few pubs in Lpool with nice locations. Really feel it on summer evenings, always looking for a pub where you can sit and enjoy the evening sun.
They don't seem to exsist
Went out for a meal last night as a family for one of my girls birthdays so initially chose the Britannia pub as we'd been there before in June. Noticed a pub now open sign on the way in so take it, it had been closed down due to the change of overship/refurb. It's now a carvery which i'm not much a fan of, all sat down, looked at the menu and got back up, it was empty, so deviod of atmosphere and much to eat by the look of it. Shot over to the otterspool which had a few in, is a Harvester and has table service so we were happy for a couple of hours.
Ta Ged for the information.. Been wondering for awhile now..I did love its atmosphere.. the eatting by the window..and having a pint at the bar..
I went to a Carvery before.. Not quite sure of the location though.. Aintree (maybe?) it was super good.. Sorry to hear your new experience wasn't.. Does the Britannia aka: Carvery , still have the lovely windows to look out over the Mersey? I used to like the inside of it..
Now, where is this Harvester? Isn't the Britannia on Otterspool Pier? Please tell? Thanks..
Last edited by naked lilac; 11-05-2008 at 08:19 PM.
Yeah, Inside looks much the same... just a slightly altered seating layout.. still has your window seats!
and yes, ?3:50 carvery Mon - Saturday!
just remember to buy tickets for the carvery at the bar.. unlike us who got to the food and had to duck out of line because we hadn't paid up front!
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I think its ?6.50 on Sundays though... !
but yeah, ?3.50 is cheaper than going and getting a chippy meal!
The Britannia is my local.. and I think I'll be in there a lot more!
Well, glad it still has the view.. and if it is that reasonable.. then even better... glad you still have it there.. What about that Harvest Place Ged mentioned? Where in location to Britannia is is?
The Otterspool is relatively new in comparison and is only at the other end of Riverside Drive from the Britannia. It is a purpose built pub/eaterie on Otterspool prom with similar views across the Mersey which we had but it was dark.