Fuller, Smith & Turner PLC: Business Update

DJ Fuller, Smith & Turner PLC: Business Update

Fuller, Smith & Turner PLC (FSTA) 
Fuller, Smith & Turner PLC: Business Update 
13-March-2025 / 07:00 GMT/BST 
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13 March 2025 
 
FULLER, SMITH & TURNER P.L.C. 
Business Update 
 
   -- New GBP185 million bank facility successfully completed 
   -- Commencing new buyback of up to one million 'A' shares 
   -- Acquisition of iconic freehold Twickenham pub 
   -- Full buy-in of Fuller's pension plan 
   -- Strong trading momentum continues 
 
Fuller, Smith & Turner P.L.C. ("Fuller's" or "the Company"), the premium pubs and hotels business, today provides the 
following business update. 
 
We have agreed a new GBP185 million bank facility with a consortium of existing relationship banks. The unsecured 
facility is available until 31 August 2028, at an interest margin 75bps lower than existing terms, reflecting the 
strong financial position of the Company. This facility provides us with significant headroom to pursue further growth 
through appropriate acquisitions and to enhance returns for shareholders. 
 
As part of our capital allocation framework, we constantly assess the optimum use of capital to enhance returns for 
shareholders. In January, we completed the share buyback programme, which resulted in the repurchase of 6.5 million 'A' 
shares. These shares were repurchased at an average price of GBP6.13, which represents a 26% discount to the GBP8.30 price 
of the 6.5 million 'A' share equity placing in 2021. 
 
We believe that the current share price of the Company significantly undervalues the business and does not reflect the 
intrinsic net asset value of our high quality, primarily freehold estate. As such, we are initiating a new share 
buyback programme, and today announce the intention of acquiring up to one million 'A' shares. 
 
With regard to growth through acquisition, we are delighted that we have exchanged contracts to acquire the freehold of 
The White Swan in Twickenham, with completion due on 19 March 2025. This iconic pub is a fantastic addition to the 
Fuller's Managed Pubs and Hotels business and brings a brilliant riverside location to further complement our presence 
in South West London. 
 
To further demonstrate the financial strength of the business and reduce the exposure to future liabilities, the 
Company has completed a full buy-in of the Fuller's pension plan with Legal & General. With the improvement in the 
funding position, both the Trustees of the Fuller's Defined Benefit Pension Plan and the Company were keen to move 
swiftly into a full buy-in with a well-regarded insurer who could provide an enhanced level of security and member 
service. 
 
As we approach our financial year end, on 29 March 2025, trading momentum continues to be strong, and we are confident 
that market expectations will be delivered. 
 
Chief Executive, Simon Emeny, said: "With just two weeks to go, we have had a very strong year - and to cap it off with 
such an excellent new acquisition is the icing on the cake. The White Swan is a riverside gem in Twickenham, and we 
look forward to welcoming the team there into the Fuller's family. 
 
"We are confident of meeting market expectations for the full year and are taking appropriate actions to manage the 
impact of forthcoming market challenges. We remain confident and optimistic about the future for our business and will 
continue to allocate capital to drive long-term growth and returns for shareholders. 
 
"We will next update the market on 11 June 2025, when we announce the Company's full year results for the 52 weeks to 
29 March 2025." 
 
[End] 
 
 
For further information, please contact: 
 
Fuller, Smith & Turner P.LC. 
Simon Emeny, Chief Executive  020 8996 2000 
Neil Smith, Finance Director  020 8996 2000 
Georgina Wald, Corporate Comms Manager 020 8996 2198 / 07831 299801 
 
Instinctif Partners 
Justine Warren   020 7457 2020 
 
 
Notes to Editors: 
Fuller, Smith & Turner PLC is a premium pubs and hotels business. With an outstanding estate of iconic pubs and hotels 
across the Southern half of England, our purpose is to create experiences that nourish the soul. At our heart is the 
warm and inviting welcome of a fantastic pub or hotel, delivered by an exceptional team of over 5,000 talented 
individuals. We have been delighting our customers - with delicious, fresh, seasonal food, an exciting drinks range, 
and beautiful bedrooms - for 180 years. Fuller's has 185 Managed Pubs and Hotels, with 1,025 bedrooms and 153 Tenanted 
Inns, all aiming to ensure that everyone leaves that little bit happier than they arrived. 
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Dissemination of a Regulatory Announcement that contains inside information in accordance with the Market Abuse 
Regulation (MAR), transmitted by EQS Group. 
The issuer is solely responsible for the content of this announcement. 
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ISIN:      GB00B1YPC344 
Category Code: MSCH 
TIDM:      FSTA 
LEI Code:    213800C7ACOFMRCQQW76 
OAM Categories: 3.1. Additional regulated information required to be disclosed under the laws of a Member State 
Sequence No.:  378831 
EQS News ID:  2099732 
 
End of Announcement EQS News Service 
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March 13, 2025 03:00 ET (07:00 GMT)