Disposal of Barkby Pub Co. Ltd
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Further to the announcements of 27 June 2024 and 29 August 2024, Roadside (AIM: ROAD) confirms the disposal of its pub subsidiary Barkby Pub Co. Ltd (the "Disposal"). The Disposal continues Roadside's stated strategy to refocus the business on roadside real estate assets.
About the Disposal
§ Barkby Pub Co. Ltd (trading as Barkby Pubs) has been sold to PS91 Hospitality Ltd, a pub operator that acquired the leases for four sites previously operated by Roadside, as announced on 29 August 2024.
§ Barkby Pub Co. Ltd was a wholly owned subsidiary of the Company, which holds the Coach & Horses freehold property, associated secured borrowings and historic operational liabilities.
§ Barkby Pub Co. Ltd had a net liability position of £0.4m and is being sold for a nominal value of a £1.
§ Roadside Real Estate Plc has committed to pay historic liabilities totalling £0.4m.
§ In the period ended 30 September 2023 Barkby Pub Co. Ltd made a loss before tax of c.£0.9m.
§ This is the final disposal required to be made of the pubs business by Roadside and concludes this element of the Company's divestment programme.
Charles Dickson, Executive Chairman of Roadside, commented:
"We are pleased to have concluded the exit of our pub business and we continue to focus on the execution of our roadside real estate strategy."
Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker) Mark Young Jonathan Wilkes-Green Catriona Neville
| Montfort Olly Scott Georgia Colkin | +44 (0)78 1234 5205 +44 (0)75 4284 6844 |
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