Companies: PNB   

Created with the reversal of Pubs'n'Bars into Real Leisure, and the acquisition of Acorn Inns, this pub operator continues its rapid expansion. It announced its second foray outside of its traditional heartland of the South East with the acquisition of the West Country-based Celebrations Inns. The four properties involved were bought for an initial consideration of £1.69m, with a further £83,820 paid per annum for two years if certain performance criteria are achieved. Richard Townsend, owner of Celebrations, will join the group as manager of the newly-formed division. P'n'B made its first foray out of the South East with the purchase of the Quality Quest estate in December. Having since sold four underperforming pubs, Pubs'n'Bars now boasts 54 outlets, compared to four just a year ago. It also announced that it had been granted planning permission for a 28-bedroom hotel at Elephant and Castle, and applied for several late licenses for two of its North London pubs. The last set of results, for the half year to the end of June, reflected the expansionary zeal of Pubs'n'Bars. Though losses more than doubled to £50,000, turnover increased by over 1000% to £340,000.