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Shepherd Neame Ltd - Faversham, Kent-based brewer and pub chain - Buys seaside bar and restaurant Urban Reef for an undisclosed sum. Located next to the beach on Boscombe Promenade, Shepherd Neame says Urban Reef is a two-storey venue with a cafe, bar, deli and restaurant.
Managing Director Jonathan Swaine says: ‘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.’
The company says it will continue Urban Reef's current food and drinks offer, and has also committed to retaining all its team members.
Current stock price: 810.33 pence
12-month change: down 19%
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