LONDON (Alliance News) - NewRiver REIT PLC, the property developer and asset manager, said Monday it is considering acquiring Hawthorn Leisure Holdings Ltd, chain of 300 pubs in the UK.
Responding to a weekend press report, NewRiver said it has entered a period of exclusivity with Hawthorn and its major shareholder. The company gave no indication of how much the acquisition might cost but did say that, if it went ahead, the acquisition of Hawthorn will "be funded from NewRiver's existing resources".
On Saturday, The Times said the deal could be worth more than GBP100 million.
"Hawthorn, which is controlled by both its management and Avenue Capital Group LLC, an American private equity firm, was put up for sale recently via Sapient Corporate Finance with a price tag of more than GBP115 million," The Times reported.
https://www.thetimes.co.uk/article/new-river-discovers-taste-for-community-pubs-with-100m-deal-zfszl0w2c
"There can be no certainty that a transaction will be concluded and a further announcement, as appropriate, will be made as soon as practicable," NewRiver said on Monday.
The FTSE 250-listed shares in NewRiver were up 0.5% at 268.38 pence per share on Monday morning.
NewRiver (NRR)