Disposal of pub estate

Roadside Real Estate PLC

29 August 2024

 

Roadside Real Estate PLC

("Roadside" or the "Company")

Disposal of pub estate

As set out in the interim results announcement of 27 June 2024, Roadside (AIM:ROAD) confirms the disposal of its four remaining pubs (the "Disposal"). The Disposal continues Roadside's stated strategy to refocus the business on Roadside Real Estate assets.

About the Disposal

-     Roadside has disposed of its four remaining pubs: The Bull Hotel, The Rose and Crown and The Eliot Arms (leaseholds) and operational responsibility for the Coach & Horses (freehold).

-     Roadside has agreed to terminate its existing leases, for nil cost, at The Bull Hotel, The Rose and Crown and The Eliot Arms.

-     The existing management team, via PS91 Hospitality Ltd, have agreed new leases with the landlords of these pubs and have assumed all operational responsibility.

-     Barkby Pub Co Ltd, a wholly owned subsidiary of the Company, retains the freehold for the Coach & Horses and has granted a lease to PS91 Hospitality Ltd to operate that pub.

-     No consideration was receivable by Roadside and no fees were paid to terminate the leases.

-     In the period ended 30 September 2023 the assets subject to the Disposal achieved a loss before tax of c.£0.8m (after allocation of central costs) and were held at a total carrying value of c.£0.2m.

Charles Dickson, Executive Chairman of Roadside, commented:

"We are pleased to have concluded the exit of our pub business and we continue to focus on the execution of our roadside real estate strategy."

- Ends -

Enquiries:

Roadside Real Estate PLC Charles Dickson, Executive Chairman c/o Montfort Communications
Montfort Olly Scott Georgia Colkin	[phone] [phone]
Cavendish Capital Markets Limited (Nomad and Broker) Carl Holmes / Fergus Sullivan (Corporate Finance) Tim Redfern (ECM)	[phone]
Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker) Mark Young Jonathan Wilkes-Green Catriona Neville

 

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