Friday 27th May 2011 - Published by Kelly Jackson - Communications Executive
JW Bassett Pubs Purchase Freehold Property
JW Bassett Pubs, the award-winning Cardiff-based pub operator, announced the completion of the freehold purchase of one of its previously leased pubs earlier this week.
The company, which was founded in 2003, turned over £250k during its first year of trading, and is now expected to be nearing £5m, with eight sites across Cardiff, Bristol, and London.
The freehold purchase, at an undisclosed amount, was for The Golden Lion in Penarth, South Wales; previously held by Punch Taverns.
Jon Bassett, founder of JW Bassett Pubs, said: “I’m delighted to take this site, especially as there is no debt involved. We’ve traded this site for 3 years as a tenancy, so we know the figures it can generate.
“We’re going to keep an open mind on future purchases, but are not going to get tied into debt. Profit is one thing, but we also have over 100 staff, and it’s important to safeguard them rather than take unnecessary risks’’, he added.
Currently at the end of the 38th week of its current financial year, JW Bassett Pubs’ turnover is up 15%, with profits rising 33% year-on-year.
The bar at a popular JW Bassett pub
