RWK Goodman advises Portobello Starboard on acquisition of pub portfolio from The City Pub Group PLC
Portobello Starboard Ltd, the fast-growing freehold managed pubs business backed by private equity firm Zetland Capital, is delighted to announce its latest six acquisitions.
The company has exchanged contracts with The City Pub Group PLC to acquire three iconic pubs in Brighton, the Lion & Lobster, the Walrus and the Brighton Beach Club along with the Inn On the Beach Hayling Island and the Travellers Friend Woodford.
Separately, Portobello has also completed the acquisition of the Grand Victorian pub in Worthing from Dominion Hospitality, an affiliate of Stellex Capital Management. This large Victorian 18-bedroom freehold pub with rooms dates to 1898 and is located opposite Worthing’s central station.
Portobello are planning an extensive refurbishment programme for the Worthing pub as well as development of the adjoining disused nightclub to create a flagship site with 36 en-suite bedrooms later this year, bringing the total number of bedrooms across the estate to 58.
Mark Crowther, Chairman, commented: “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. We look forward to welcoming our new colleagues into the Portobello family, whilst bringing our award-winning beers to the customers of these new pubs.”
The City Pub Group sale to Portobello was brokered by James Grimes at leisure property specialists AG&G
Krysha Hunt, James Worrall, Freya Still, Richard Roth and Tim Gofton from RWK Goodman advised Portobello on the deal. Krysha Hunt, Real Estate Solicitor, commented: “It was great to work with the team at Portobello on its latest acquisition and we look forward to continuing to work with them as they grow their managed pubs business across the south of the UK.”
Zetland Capital Partners LLP (“Zetland”) is a London-based private equity firm that was founded in 2016 by Ahmed Hamdani. The firm invests in mid-market special situations across Europe. Zetland leverages decades of investing experience, a unique skillset and flexible capital solutions to bring about better outcomes for businesses, asset owners and the wider community. Zetland partners with management teams and operating partners, focusing primarily on supporting businesses through dislocations and driving value creation. Zetland manages over €1bn of long-term committed capital for pension plans, endowments, foundations and family offices. Typical investments are in the range of EUR 10m to EUR 50m.
Portobello Brewery was founded in 2012 by Rob Jenkins and is based in the heart of the Portobello area of West London. Their award-winning beers include London Pilsner, Notting Helles, London Pale Ale, Market Porter, Stiff Lip IPA and Star Best Bitter. Richard Stringer joined the business in 2019 as MD of the pubs business with Sharon Hayward as pubs CFO. Mark Crowther joined as Chairman in 2020 to support the strategy and growth of the business. Mark is also Chairman of Curious Brewery and NED with Darwin & Wallace.