Appointment of Chairman of Hawthorn

RNS Number : 9559Z

NewRiver REIT PLC

27 May 2021

 

NewRiver REIT plc

("NewRiver" or the "Company")

Appointment of Chairman of Hawthorn

NewRiver is pleased to announce the appointment of Colin Rutherford as Chairman of Hawthorn, its community pub business, with immediate effect.

Colin Rutherford currently serves on the Audit, Remuneration and Nomination Committees of NewRiver's Board and is the  Audit Committee Chairman. Colin is also Non-Executive Director and Chairman of the Audit Committee at Mitchells & Butlers plc, a FTSE 250 restaurant, pub and bar operator. Colin is also on the Board and Audit Committee of Nasdaq quoted Evofem Biosciences Inc. Colin graduated in Accountancy and Finance and qualified as a Scottish Chartered Accountant with Touche Ross (now Deloitte) in 1984 and has more than 30 years' experience serving as Chairman, Director or Corporate Finance Advisor to various public and private companies.

As Chairman of the Hawthorn Board Colin will lend his considerable experience and knowledge of the pub sector to the company's Board and Executive Committee.

The Company confirms that there are no changes requiring disclosure under paragraph 9.6.13 of the Listing Rules.

For further information

NewRiver REIT plc						[phone]
Emily Meara (Head of Investor Relations)
Finsbury
Gordon Simpson James Thompson					[phone]

About NewRiver

NewRiver REIT plc ('NewRiver') is a leading Real Estate Investment Trust specialising in buying, managing and developing

essential retail and leisure assets throughout the UK.

Our £1.1 billion portfolio covers 9 million sq ft and comprises 33 community shopping centres, 19 conveniently located retail parks and 673 community pubs. We hand-picked our assets to deliberately focus on occupiers providing essential goods and services, and avoid structurally challenged sub-sectors such as department stores, mid-market fashion and casual dining. This focus, combined with our affordable rents and desirable locations, delivers sustainable and growing returns for our shareholders, while our active approach to asset management and inbuilt 2.6 million sq ft development pipeline provide further opportunities to extract value from our portfolio.

NewRiver has a Premium Listing on the Main Market of the London Stock Exchange (ticker: NRR). Visit www.nrr.co.uk for further information.

About Hawthorn

NewRiver has built a significant pub business since 2013, principally through the acquisition of 202 pubs from Marston's in December 2013, 158 pubs from Punch in September 2015 and the acquisition of Hawthorn in May 2018, which comprised 298 pubs and brought a highly scalable pub operating platform into the enlarged business.

These assets now operate from a best-in-class operating platform and Hawthorn was shortlisted for Best Community Pub Operator at the 2021 Publican Awards. Based in Marston Green, Birmingham, Hawthorn has built a geographically diverse portfolio of 673 community pubs, 96% of which are freeholds and 80% of which are operated on a leased & tenanted basis.

Significant investment has been made into the Hawthorn estate, with c. £20 million of capital expenditure across the pub estate in the three years to 31 March 2020. Hawthorn has a track record of producing significant returns from capital expenditure with a return on investment of 28% for growth projects with two years of trading post investment.

The Hawthorn portfolio was valued at £262 million as at 30 September 2020. The EBITDA of Hawthorn during the year ended 31 March 2020 was £17.6 million (adjusted for the full year inclusion of Bravo Inns). However, this was impacted by the COVID-19 pandemic from March 2020 and, adjusting for this impact, the estimated pro-forma EBITDA for the year ended 31 March 2020 would have been £19.4 million.

LEI Number: 2138004GX1VAUMH66L31

 

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