23 September 2021
The City Pub Group plc
(the "Group" or the "Company")
The City Pub Group plc is pleased to announce the acquisition of The Cliftonville Hotel in Cromer, Norfolk. The Edwardian Grade II listed hotel has been welcoming visitors since 1897 and is a high quality addition to the Group's estate.
The consideration for the acquisition is £1,700,000, with £1,600,000 payable in cash and £100,000 payable through the issue of 86,505 new ordinary shares of 1p each in the Company (the "Consideration Shares").
Application has been made for Consideration Shares to be admitted to trading on AIM and admission is expected to occur on 24 September 2021.
Clive Watson, Executive Chairman of the Company, said:
"We are delighted to have secured the acquisition of this iconic site in Cromer. It is a fantastic addition to the City Pub Group estate, further developing our presence in the North Norfolk region and adds to our coastal presence."
The total number of voting rights in the Company is 103,868,430 (excluding 1,925,000 JSOP Shares which do not have voting rights). This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The City Pub Group
Clive Watson, Executive Chairman
Tarquin Williams, CFO
+44(0)20 7457 2005
Liberum (Nomad & Joint Broker)
+44(0)20 3100 2222
Peel Hunt (Joint Broker)
+44 (0)20 31288789
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