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Yates sells eight sites
Yates Group has sold its eight Watling Street Inns sites, enabling the company to focus on its Yates's Wine Lodges and Ha! Ha! Bar and Canteens.
Yates sold the division to Hardy's and Hansons in a cash deal worth £12m, with proceeds on the sale going towards reducing the group's level of borrowing. Yates's chair, Peter Dickson, says the sale of Watling Street Inns will allow the group to focus on other brands in the business: Watling Street Inns has made excellent progress since its inception. However, in September we announced our decision to sell the estate, which will increase our flexibility to invest in other parts of the business where we believe there are greater opportunities to achieve a higher return on investment.
Hardy's acquisition, financed from the company's existing cash resources, increases the size of the managed estate to 82 and the total estate to 252.
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