UK-based pub group Fuller, Smith & Turner (Fuller’s) has secured a new £185m ($239m) bank facility through a consortium of its existing banking partners.
The pub group will use the new facility, available until 31 August 2028, to drive further expansion through suitable acquisitions and to improve returns for its shareholders.
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Aiming to grow through acquisitions, the group has agreed to acquire the White Swan in Twickenham, with the deal closing on 19 March 2025.
The riverside pub will become part of its managed pubs and hotels business and will strengthen its presence in southwest London.
Fuller’s chief executive Simon Emeny said: “With just two weeks to go, we have had a very strong year – and to cap it off with such an excellent new acquisition is the icing on the cake. The White Swan is a riverside gem in Twickenham, and we look forward to welcoming the team there into the Fuller’s family.
“We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the impact of forthcoming market challenges. We remain confident and optimistic about the future for our business and will continue to allocate capital to drive long-term growth and returns for shareholders.”
It stated that tand therefore initiated the share buyback programme.
In January 2025, the group completed a share buyback programme, repurchasing 6.5 million ‘A’ shares at an average price of £6.13. It initiated the programme as a result of its belief that the existing share price undervalued the business and did not reflect the asset value of its freehold estate.
This was 26% lower than the £8.3 price at which the same number of ‘A’ shares were issued in a 2021 equity placement.
In May 2024, Fuller, Smith & Turner agreed to divest 37 of its Tenanted Inns Division pubs in the UK to Admiral Taverns for £18.3m ($23.3m).
Fuller’s has 185 managed pubs and hotels, with 1,025 bedrooms and 153 tenanted inns.
