Portobello Starboard acquires five pubs from City Pub Group for £16.2m

Portobello Starboard, the new acquisition platform backed by private equity firm Zetland Capital and operated by Portobello Brewery, has acquired five pubs from City Pub Group, for a total consideration of £16.2m. The Mark Crowther-chaired business has exchanged contracts with City Pub Group to acquire three pubs in Brighton – the Lion & Lobster, the Walrus and the Brighton Beach Club – plus the Inn On the Beach on Hayling Island, and the Travellers Friend in Woodford Green, Essex. “We are delighted to announce these acquisitions as we progress our strategy of acquiring predominantly freehold managed pubs across London and the South East. The south coast sites will give us scale in that geography whilst also growing our London presence. City Pub Group said the five pubs being sold to Portobello recorded unaudited aggregate site Ebitda of £700k for the year ended 26 December 2021. The transaction is expected to complete on or around 11 April 2022, subject to successful lease assignment of the Brighton Beach Club. Clive Watson, chairman of City Pub Group, said: “We have achieved a good price for these assets. The capital realised makes us debt free and in an excellent position to take advantage of the current market dislocation to further premiumise our estate and deliver long term growth through selected acquisition.” The City Pub Group sale to Portobello was brokered by James Grimes at AG&G.