Avenue Capital sells Hawthorn Leisure to NewRiver for £107m

The acquisition of 298 pubs expands NewRiver's pub portfolio to 629 locations. The new owner will target scale-based synergies and other improvements in purchasing and logistics.

Previous funding
Avenue created Hawthorn when it acquired 275 pubs from Greene King in 2014. It then bought an additional 99 pubs but has since divested some non-core locations.

Company
Hawthorn is a pub management company that operates a tenanted model. The chain comprises 298 community pubs across the UK. It generated revenues of £41.5m in 2016.

People
Hawthorn Leisure – Noah Bulkin (founder).

Advisers
Vendor – Ropes & Gray, Kiran Sharma, Electra Callan James Evelegh, Will Bryant (legal).

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• Topics
• Buyouts
• UK / Ireland
• Consumer
• United Kingdom