Latest news
Spirit Group takes over Tom Cobleigh
Managed pub company Spirit Group has bought the Tom Cobleigh pub chain from private equity company, Electra Partners Europe for around £106m.
The Midlands-based chain consists of 48 Tom Cobleigh pubs, 27 Mighty Nice Pubs and 29 Playbarns.
'Karen Jones, chief executive of Spirit Group, said: 'The Tom Cobleigh estate consists of large, well-invested pubs, which are located in our geographical heartland and their emphasis on food complements our existing portfolio.'
The acquisition takes the total number of pubs in the Spirit Group's portfolio to more than 1,070, with 126 children's playbarns.
The Tom Cobleigh Playbarns will be converted into Wacky Warehouses, but there are no immediate plans to rebrand the Tom Cobleigh or Mighty Nice Pub estates.
A spokesperson for Spirit Group also said that there are no plans for a 'mass sale', but that the company 'is constantly re-evaluating its estate to maximise value' and may dispose of underperforming sites. He added: 'Spirit Group is an ambitious company and has plans to grow, we are always looking for acquisition opportunities.'
Electra Partners Europe backed the management buy-in of Tom Cobleigh in September 2000 from Rank and has realised £55m in the sale, on an original £28m investment. Details: +44 (0) 1283 545320