Terra Firma

Unique Pub Company

Description

Unique Pub Company owned 2,614 tenanted pubs acquired from Inntrepreneur, another of Terra Firma's pub businesses, in March 1999. The Unique pubs formed the portion of the Inntrepreneur portfolio unaffected by litigation or where litigation affecting the ongoing operation of the pubs had been resolved.

Strategy

The separate Unique management team were able to focus on maximising value without the distraction of historic litigation. This also enabled Terra Firma to expose and realise the potential of the compliant pubs, so that they could be efficiently financed.

Unique has come to be recognised as one of the UK's top performing pub portfolios with beer volume performance above trend, largely as a result of the company's success in recovering volume previously lost to third party beer suppliers. At exit, Unique owned approximately 3,200 pubs.

Outcome

Unique was sold with Voyager to a consortium of trade and financial buyers in March 2002.

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