Today, Fuller, Smith & Turner announced its official acquisition of the Cotswold Inn & Hotels – to the tune of £40m.
The change of hands will see seven high-quality freehold country inns and hotels, as well as eight freehold staff cottages in the Cotswold area – plus two leasehold bars in Birmingham – taken over by the pubs and hotel business. Properties include Manor House in Moreton-in-Marsh, The Swan in Bibury and Hare & Hounds (pictured) in Tetbury. The Broadway in Broadway will not be included in the acquisition.
‘The inns and hotels being acquired are all iconic, character properties in sought-after locations in the Cotswolds,’ said Fuller’s chief executive Simon Emeny. ‘A number of the sites have further development potential and Cotswold Inns & Hotels benefits from an established function business… 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.’
Founded by Michael and Pamela Horton in 1997, Cotswold Inns & Hotels has produced some of the most awarded properties in the Cotswolds and last year, those being taken over by Fuller’s generated a gross asset value of £31.5m.
The acquisition is expected to complete on 31 October 2019 and all employees are expected to transfer in the move.