Urban Pubs and Bars acquires 13 Barworks sites
The acquisition includes sites such as the Exmouth Arms (Exmouth Market), Singer Tavern (Moorgate) and Harrild & Sons (Farringdon)
Urban Pubs and Bars has announced that it has acquired 13 Barworks sites for an undisclosed amount.
The acquisition includes sites such as the Exmouth Arms (Exmouth Market), Singer Tavern (Moorgate) and Harrild & Sons (Farringdon).
The transaction comes on the back of Urban’s recently announced partnership with Davidson Kempner and Global Mutual.
Following the acquisition of the Barworks sites, Urban will comprise 34 pubs, bars and restaurants across flexible trading formats.
Barworks will continue to operate with an estate of six sites that includes Mare Street Market, plus the opening of Gas Station this week in Kings Cross and a site in Heddon Street in Mayfair in the coming months.
Nick Pring, co-founder of Urban, said: “We’ve known the guys at Barworks for many years. They have some wonderful sites in prime locations. We are delighted to be able to acquire so many iconic pubs that complement our existing estate perfectly.”
Marc Francis-Baum, co-founder and managing director of Barworks, said: “We received a fair offer from Urban and we took it. We felt it was a good idea to ‘cash in some chips’, consolidate and move forward.
“We still have a great business, plus a fantastic pipeline of sites and we’ve never had ambitions to be the biggest pub group in London, we just like creating spaces that people want to be in and will continue to do so.”
Michael Penfold of AG&G acted on behalf of Barworks and Fraser Anderson of Sapient Corporate Finance advised Urban Pubs and Bars on the transaction.
