Cotswold Inns & Hotels has been acquired by pubs and hotels business, Fuller’s, for £40m.
The portfolio of seven country inns and hotels, plus eight freehold staff cottages in the Cotswolds and two leasehold bars in Birmingham owned by Michael and Pamela Horton, are part of the acquisition.
An eighth property, The Broadway Hotel does not form part of the deal and will retained by the Hortons.
Cotswolds Inns & Hotels was founded by Michael and Pamela in 1997 .
In the financial year ended 30 September 2018, the properties being acquired generated revenue of £17.5 million and site EBITDA of £3.4 million with a gross asset value of £31.5 million.
The acquisition will be funded from existing banking facilities and is expected to complete on 31 October 2019.
Fuller’s chief executive Simon Emeny said: “The inns and hotels being acquired are all iconic, character properties in sought-after locations in the Cotswolds. They will further enhance our existing portfolio of premium hotel accommodation, adding 201 stylish bedrooms.
“A number of the sites have further development potential and Cotswold Inns & Hotels benefits from an established function business, spanning both leisure and corporate custom as well as weddings. We expect to realise further benefits from bringing the properties into Fuller’s and for the acquisition to be earnings accretive in the first year.”
The hotels sold are: The Lamb Inn, Burford, Hare & Hounds, Tetbury, Manor House, Moreton-in-Marsh, The Bay Tree, Burford, The Bear of Rodborough, Stroud, The Close, Tetbury and The Swan Bibury.