National pub company Red Oak Taverns has purchased 18 pubs from UK brewery chain Wadworth for an undisclosed amount.
Specialist business property adviser Christie & Co completed the deal on behalf of Wadworth.
The leased and tenanted pubs are located across the south and south-west of England and were opened in collaboration with Christie & Co.
Christie & Co senior director Simon Chaplin said: “This is further proof of the continuing strength in the pubs market as the sale attracted interest from numerous parties looking to acquire these assets in a popular and attractive part of the country. We were pleased to have secured a buyer in Red Oak who have a proven track record of investing in their estate and tenants.”
The acquisition expands Red Oak’s presence in the region by bringing the company’s portfolio to 179 pubs across the country.
Red Oak Taverns co-founder Mark Grunnell said: “We are delighted to have secured this quality portfolio of pubs from Wadworth. We believe that the pubs and the licensees will benefit from Red Oak’s flexible approach to operating leased and tenanted pubs and from the £1m of investment we have planned for the acquired portfolio.
“Our focus has already turned to building the strong relationships with our new tenant partners that are required to preserve the sustainability of these great British assets and the invaluable contribution they make to our communities.
“Approaching the 8th anniversary of our formation, we are still in our infancy and planning for the long term. We have built a strong platform, have a clear strategy and look forward to growing our business substantially over the coming years.”
Headquartered in Wiltshire, Wadworth brewery operates a brewing facility and more than 200 pubs across the south-west of England and London.
Wadworth chief executive Chris Welham said: “We are delighted to confirm a sale has been agreed to Red Oak Taverns. The sale has involved all parties working closely together to cause minimal disturbance to the tenants and their business.”