Wadworth is continuing its commitment to sustained growth with three significant acquisitions into its managed house estate, representing an investment of almost £6.5 million.
Set on the High Street in the picturesque market village of Botley, in Hampshire, The Dolphin (pictured), acquired for £1.25m, re-opened in April after a major refurbishment to provide the community with a rejuvenated premium drinking and dining experience.
Other recent acquisitions in Reading and Redhill saw Wadworth breathe new life into historic inns as the 14th century Bird in the Hand (acquired for £2.25m) and the 16th century Stag Hotel (£1.25m) were transformed with contemporary renovations, while respecting their character and protecting and retaining original features.
Wadworth chief executive, Chris Welham, said: “These major acquisitions are testament to our ambitious growth strategy and continued commitment to expansion in 2017 and beyond.
“We have invested significant [capital expenditure] into extensive improvements at these properties, as well as releasing an additional spend of around £2.5m over the last six months to upgrade, refurbish and extend a number of pubs throughout our estate of managed and tenanted houses.”
The business is aiming to add more new properties to the estate over the next three to five years and will be making further investment into existing pubs on an ongoing basis. These new acquisitions and capital investments come hot on the heels of Wadworth’s first acquisition in London last year, The Kings Arms in Fulham, which is overachieving on expectations.
Chris Welham said: “It’s an exciting time to be part of Wadworth, with a commercially focused and driven management team dedicated to moving the business forward with sustained growth and investment.
“Six months ago, we re-invigorated our 6X brand and have already seen the results in increased sales. We expect that trend to continue and for our acquisition and improvements programme to start paying similar dividends, attracting new customers and cementing and increasing loyalty with existing ones.”
