Fuller’s secures US$239M bank facility to support growth

UK – Leading pub operator Fuller, Smith & Turner (Fuller’s) has secured a £185 million (US$239 million) bank facility from its existing lenders, providing financial support to drive growth and expansion.

Fuller, Smith & Turner has secured a new financing facility available until August 31, 2028 to support its expansion through acquisitions and enhance shareholder returns.

As part of this growth strategy, the pub group is set to acquire the White Swan in Twickenham, with the deal closing on March 19, 2025.

The riverside pub will join its managed pubs and hotels division, strengthening its presence in southwest London.

Chief Executive Simon Emeny stated that the company had experienced a strong year and considered the acquisition an excellent addition to its portfolio.

He noted that the White Swan was a valuable asset and expressed enthusiasm about integrating it into Fuller’s operations.

He also reaffirmed confidence in meeting market expectations and emphasized that the company remained focused on navigating future challenges while continuing to invest in long-term growth and shareholder returns.

In January 2025, Fuller’s completed a share buyback programme, repurchasing 6.5 million ‘A’ shares at an average price of £6.13 (US$7.93).

The initiative was based on the company’s assessment that the existing share price did not accurately reflect its true asset value. The buyback price was 26% lower than the £8.30 (US$10.74) per share price in a 2021 equity placement.

Additionally, in May 2024, the company agreed to sell 37 pubs from its Tenanted Inns Division to Admiral Taverns for £18.3 million ($23.3 million), with the transaction set to conclude on June 24, 2024.

The sale is expected to strengthen Fuller’s balance sheet, as the divested properties, located in London, Surrey, Sussex, and Hampshire, had contributed £1.3 million (US$1.68 million) to pre-tax profits in the 52 weeks ending March 30, 2024.

Following the transaction, Fuller’s Tenanted Inns Division will consist of 154 pubs, complementing the 179 properties in its Managed Pubs and Hotels Division.

For Admiral Taverns, the acquisition will expand its estate to 1,420 sites, including more than 300 pubs in the southeast.

CEO Chris Jowsey highlighted the continued popularity of wet-led community pubs, noting that, despite economic challenges, people still valued them as an affordable social option for gatherings with family and friends.

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