Shepherd Neame buys Village Greene Restaurants for £11.85m
Shepherd Neame, the Kent-based brewer, pub and hotel operator, has bought Village Green Restaurants Limited from Alex and Helen Bensley for a total consideration of £11.85m. Village Green Restaurants operates five freehold pub restaurants in and around Maidstone and Ashford in the company’s Kent heartland. All the pub restaurants will be operated under Shepherd Neame’s managed pub division. The last audited accounts for the year ending 31 October 2015 for the company showed annual turnover of £6.6m and operating profit of £0.9m. This acquisition is in line with the company’s strategy to acquire high quality sites with unique character in landmark or high profile locations and to develop its offer to enhance the customer experience through great fresh food. At the same time, the company’s existing revolving credit facility has been extended by £25m to £45m taking total committed banking facilities to £105m.
Jonathan Neame, chief executive of Shepherd Neame, said: “We are delighted to welcome the team from Village Green Restaurants to Shepherd Neame. Over recent years we have transformed our pub profile, greatly developed our food offer and enhanced the experience for our customers and this is another important development in our strategy. We are hugely impressed by what Alex and Helen and their team have achieved and we look forward to continuing their great work.”
Alex Bensley, chief executive of Village Green Restaurants, said: “Helen and I are proud of the business we have built and delighted to pass the baton to a local, long-standing family business such as Shepherd Neame.”