New bar jobs to be created following Faucet Inn takeover?

08/09/2010 10:39:52

Faucet Inn Limited has acquired six pubs from Mitchells & Butlers (M&B), which could create a number of new bar jobs in London and the south-east.

M&B received £17.5 million for the six venues, one of which is the iconic gay pub Compton's, on Old Compton Street in London's Soho district.

Faucet Inn owns a mixture of traditional English pubs and modern bars in the south of England, employing hundreds of people in hospitality jobs.

Last month, M&B announced that it intended to sell 333 of its non-core pubs to Stonegate Pub Company Limited for a cash consideration of £373 million.

M&B said that its decision to sell these establishments was motivated by the company's desire to withdraw from the lower-price, drinks-led market.

The company still owns 1,580 restaurants and food-led pubs and will reinvest the proceeds from the new sales into creating a stronger presence in the informal eating out market.

Posted by Ed Warle

Pub jobs in the south east

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