Heartwood Collection continues pubs expansion with double acquisition
Wed, 20 Sep 2023 | BUSINESS SALE
Heartwood Collection has continued its acquisitive growth in the pubs with rooms space with a double takeover. The group has acquired two new freehold pubs, the Plough and Harrow in Long Ditton, South-West London and the Crown in Lichfield, as part of its ongoing expansion plans.
Heartwood, which was founded by chef Raymond Blanc and Mark Derry and was formerly named Brasserie Bar Co, aims to grow its portfolio to encompass more than 60 pubs with around 500 rooms by June 2027. Currently, the group operates 20 pubs under the Heartwood Inns brand and 14 restaurants under the Brasserie Blanc brand.
The group was rebranded as Heartwood Collection earlier this year, following its 2022 acquisition by private equity firm Alchemy Partners. Over the past year, the firm has acquired 13 freehold pubs (including the latest acquisitions), with several more under offer.
In July 2023, the group secured an additional £100 million in funding for its growth strategy, comprising £50 million in funds advised by Alchemy Partners and a new £50 million banking facility with Oaknorth Bank. The firm said at the time that it expected Alchemy Partners to also invest a further £50 million in its growth strategy.
The two new acquisitions are set to reopen as Heartwood Inns over the coming months, following refurbishments. The Plough and Harrow is due to reopen in November and will feature 139 internal covers and a large, landscaped garden, which will create space for 100 additional covers, including 38 in a newly built garden room.
The Crown, meanwhile, is set to reopen in late January 2024. The pub will feature 128 indoor covers, including a semi-private dining space for 14 and a garden room seating up to 50. 74 additional seats will be created with a sheltered courtyard which will be heated and open year-round.
Heartwood Collection Managing Director Richard Ferrier said: "We are delighted that two iconic pubs in Long Ditton and Lichfield will be joining the Group. We are firmly committed to investing in both of the pubs for the long term. We cannot wait to see them re-open as Heartwood Inns."
Read more on M&A trends in the UK hospitality industry
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