Brewer and pub operator Fuller, Smith & Turner has responded to the rejection of their offer of 220p per share by Capital Pub's shareholders.
Fuller’s questioned the group’s growth strategy in the statement. “It has taken Capital over 10 years to grow its estate to 34 pubs and Fuller’s believes that the strategy to grow the estate by a further 11 to 16 pubs (which represents a 32 to 47% increase in the estate) over the next two years has considerable risks associated with its execution which could dilute the overall quality and attractiveness of the estate and which could have a negative impact on valuation over time.”
"Fuller's believes that the announcement yesterday of the acquisition of The Priory, a smaller leasehold site, reaffirms its concerns that in seeking to acquire sites quickly, Capital risks compromising the overall quality of its estate and diluting the freehold/leasehold mix."
No comments:
Post a Comment