Young & Co.’s Brewery has acquired Geronimo Group Limited from its shareholders, being principally Penta Capital and Rupert and Jo Clevely, for £60 million in cash.
Geronimo’s range of pub properties will be handed over to Young’s and Co, with 22 of their 26 UK properties based in London office space. It increases Young’s managed estate by more than 20 per cent to 148 pubs, and takes the company’s total estate to 247 pubs.
The management team of Geronimo will be staying with Young’s. Rupert Clevely, chief executive of Geronimo, will join the Young’s board with immediate effect as managing director. Jo Clevely will continue to drive design strategy which is integral to the Geronimo format.
Stephen Goodyear, Chief Executive Officer, said: “The transaction achieves an important step change in the size of the Young’s managed estate. The acquisition fits very well with our expansion strategy, which is focused on high-quality, food-led managed houses in the London area.”
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