Wizard Inns, a UK pub operator controlled by Nomura Principal Finance, has acquired 20 unbranded pubs from UK listed Regent Inns, the pub company which runs the Walkabout bars and Jongleurs comedy clubs.
The firm has paid £27.9m for the pubs, which collectively made pre-tax profits of £4.7m in the year to June 2001 on turnover of £17.3m. The combined net assets of these units was £26.2m.
Despite Nomura’s recent exit of its leased pub business with the sale of Unique and Voyager to an Enterprise Inns-backed consortium, the firm is looking to double the size of its Wizard Inns chain over the next three years.
Wizard has seen considerable growth over the past four years, expanding at a rate of almost 40 per cent since its formation, with turnover having increased from £4.4m to £20m in the same period. The firm says it has £20m to invest in growth opportunities.