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21/07/1995

Bass acquires Harvester

Bass acquires Harvester

Bass PLC announces today that following a competitive tender it has reached agreement with Forte PLC for the acquisition, subject to contract, of the Harvester brand name, 78 Harvester pub restaurants and the direct support staff. Bass will not assume responsibility for central administration costs. The total consideration is £165 million payable in cash.

In the year to 31 January 1995, the trading profit of the outlets being acquired, net of advertising costs, was £14 million. Harvester is expected to be substantially earnings enhancing from the date of acquisition.

The purchase of Harvester will accelerate the implementation of Bass Taverns' plans for the development of a significant presence in the branded pub catering market. It provides one of the two leading brands in this sector, 78 prime locations predominantly in the South East and extensive potential for Bass Taverns to expand the chain, particularly within its own estate.

No further announcement will be made until completion has been effected, which is expected to be in September, 1995.

--ends--

For further information, please contact:

Richard North,
Finance Director, Bass PLC
  0171 409 1919
Tim Clarke,
Chief Executive, Bass Taverns
  0121 558 1481
Bob Cartwright,
Director of Communications, Bass Taverns
  0121 558 1481
Jon Coles,
Brunswick Public Relations
  0171 404 5959

Notes to editors:

Bass PLC is a major UK listed company, which has developed leading business positions in three major industries.

  • Holiday Inn Worldwide is the leading hotel brand and lodging franchise in the world. There are more than 2,000 Holiday Inn hotels in over 60 countries worldwide.
  • Bass is the leading UK pub and leisure retailer. It has over 4,000 pubs and a network of bingo clubs, betting shops and ten pin bowling centres countrywide.
  • Bass Brewers is the UK's leading brewer of branded beers and Britvic Soft Drinks is one of the leading UK manufacturers of branded soft drinks.

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