Wednesday 23 January 2019 9:18 am

Young’s buys rival pub chain Redcomb in £34m deal as it expands in the south east

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Young’s today said it has bought pub chain Redcomb Pubs in a cash-free deal worth £34m.

The pub operator said it has acquired Redcomb, which owns 15 pubs in London and the south east, as it looks to expand its presence in the area.

Read more: Young's pubs boss Patrick Dardis: "Smithfields is the new Covent Garden"

The move will increase Young’s managed estate by eight per cent from 185 to 200 and take its total pub count to 270.

Young’s said Redcomb, which was founded in 2009, currently generates earnings before interest, tax, depreciation and amortisation of roughly £4m. Its pubs include Alphabet in Islington and Old Shades on Whitehall.

The company plans to invest in the pubs over the next two years, which it said would impact profits in the short term.

Young’s chief executive Patrick Dardis said: “The acquisition of these pubs represents an excellent opportunity to continue the growth of the Young’s managed estate.

“They fit very well with our expansion strategy which is focussed on high quality managed houses. These pubs are all in prime locations, where our premium offer will work extremely well.”

Read more: Young's boosts profits as pub investment pays off

Young’s came under fire last week after it emerged its pub in Primrose Hill was charging £28 for two cauliflower steaks.

But the company defended the hefty price tag, which was the same as two Aberdeen Angus sirloin steaks, saying it had other vegan options on its menu.