Brewery and pub operator Shepherd Neame has expanded into the South West with the acquisition of a seaside venue in Bournemouth.
The 300-year-old firm, which describes itself as Britain's oldest brewer, has bought Urban Reef by Boscombe Pier for an undisclosed sum.
Based in Faversham, Kent, the company’s real estate of 300 pubs and hotels is concentrated in London and the South East.
Urban Reef, which opened in 2009, is a two-storey bar and restaurant which also includes a cafe and deli.
The purchase follows a trading update last month, in which the firm reported it had emerged from the pandmeic with “encouraging” demand and sales, with its net debt reduced to £75.3m - its lowest level since 2018.
Jonathon Swaine, Shepherd Neame’s newly appointed managing director of pubs, said: “We are now actively looking for opportunities to grow and develop our high quality estate and are delighted to have acquired Urban Reef, a unique offering in a unique beachfront location.
“Our coastal pubs and hotels have seen particularly encouraging sales during the past year, and we are confident that with its fantastic reputation and loyal customer base, the addition of Urban Reef to our portfolio will allow us to accelerate that growth.”
Urban Reef is being sold by founder Mark Cribb, who also owns the Urban Guild, the Urban Beach hotel and Urban Garden bar and restaurant in Bournemouth.
Mr Cribb said: “I was lucky enough to receive a lot of interest in this business, and I chose Shepherd Neame as they have been operating for over 300 years and remain family owned, and I wanted to hand over to someone who would take a considered, long-term approach.
“Our values are aligned, and having worked with them for the past couple of years as a supplier I have been impressed with their commitment and creativity during very turbulent Covid times. I'm confident they will be a wonderful custodian for the business.”
Shepherd Neame said it had committed to retaining all of the venue’s staff, and it would continue its menu of locally sourced food and drink.
Mr Swaine added: “Urban Reef has a wonderful team, many of whom have worked there for many years, and we have been really impressed by their passion, expertise and commitment to fantastic customer service, which is something we really value, so we’re are pleased to welcome them into the Shepherd Neame family.”
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