NewRiver has acquired community pub company Bravo Inns for £17.9 million ($23.3 million).
Bravo Inns owns 44 wet-led community pubs, predominantly located in northwest England. The Bravo Inns management team has established a high-quality, well-managed and well-invested operator-managed portfolio, which complements Hawthorn Leisure's existing 660 community pub portfolio.
The acquisition will increase NewRiver's exposure to the highly profitable operator-managed pub model. This will provide the company with opportunities to drive higher returns through accretive capital expenditure and other asset management initiatives, while providing the company with a higher degree of management control and oversight.
Mark Davies, CFO of NewRiver and CEO of Hawthorn Leisure, commented, “The U.K. pub sector has experienced a recent revival in transaction activity and, as an early investor into community pubs, we have been tracking the success of Bravo Inns for some time. Th
