Acquisition

RNS Number : 6862M

City Pub Group PLC (The)

23 September 2021

 

23 September 2021

The City Pub Group plc
(the "Group" or the "Company")
Acquisition

The City Pub Group plc is pleased to announce the acquisition of The Cliftonville Hotel in Cromer, Norfolk. The Edwardian Grade II listed hotel has been welcoming visitors since 1897 and is a high quality addition to the Group's estate.

The consideration for the acquisition is £1,700,000, with £1,600,000 payable in cash and £100,000 payable through the issue of 86,505 new o rdinary shares of 1p each in the Company (the "Consideration Shares") .

Application has been made for Consideration Shares to be admitted to trading on AIM and admission is expected to occur on 24 September 2021.

Clive Watson, Executive Chairman of the Company, said:

"We are delighted to have secured the acquisition of this iconic site in Cromer. It is a fantastic addition to the City Pub Group estate, further developing our presence in the North Norfolk region and adds to our coastal presence."

The total number of voting rights in the Company is 103,868,430 (excluding 1,925,000 JSOP Shares which do not have voting rights). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

The City Pub Group Clive Watson, Executive Chairman Tarquin Williams, CFO
Instinctif Partners Matthew Smallwood	[phone]
Liberum (Nomad & Joint Broker) Chris Clarke Edward Thomas	[phone]
Peel Hunt (Joint Broker) George Sellar Andrew Clark Will Bell	[phone]

 

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