LONDON, UK: The City Pub Group announced the acquisition of The Cliftonville Hotel in Cromer, Norfolk.
The Edwardian Grade II listed hotel has been welcoming visitors since 1897 and is a high quality addition to the Group’s estate.
The consideration for the acquisition is £1.7 million, with £1.6 payable in cash and £100,000 payable through the issue of 86,505 new ordinary shares of 1p each in the company.
Application has been made for Consideration Shares to be admitted to trading on AIM and admission is expected to occur on 24 September 2021.
Clive Watson, Executive Chairman of the Company, said: “We are delighted to have secured the acquisition of this iconic site in Cromer. It is a fantastic addition to the City Pub Group estate, further developing our presence in the North Norfolk region and adds to our coastal presence.”