The newly-formed and ambitious Duxton Pubs investment fund has snapped up three more hotels in South Australia, on its way to become a national player.
Mid-2020 news emerged hoteliers Ed Peter, Martin Palmer and Brett Matthews had teamed up to launch a new Adelaide-based pub vehicle, with their inaugural acquisition being the famed Lion Hotel.
Collectively the three men own almost twenty venues across the state, and now Duxton Pubs has signed agreements to purchase the freehold going concerns of the Cremorne Hotel, Old Noarlunga Hotel and the Woolshed Inn.
The new additions are said to represent the group’s preferred demographic and communities, and help to broaden the Duxton Pubs footprint.
In keeping with the business model, Duxton will put its own stamp on each venue, citing pending multi-million-dollar changes.
They take the keys at The Cremorne in Unley in coming weeks, and plan to shut immediately for a major internal refurbishment expected to require around six weeks.
The Woolshed is one of only two pubs in Bordertown, around three hours’ drive south-east of the capital, and counts 11 motel units, scheduled to be upgraded and expanded. It is thought to have the potential to be another Crafers or Uraidla – awarded pubs under the Peter banner – and the plans were inspired by their successes.
Pub families the Palmers and the Matthews put up a reported $15 million atop $25 million from investors to kick-start Duxton Pubs and its plans for hotel acquisitions across SA, with hopes to raise a further $20 million from investors in the next few months.
The group is said to be in advanced stages of due diligence and continues to negotiate on several potential acquisitions in both metropolitan and regional areas.
Duxton holds ambitious plans to become the third-largest pub owner in the country, behind ALH and AVC, ahead of listing on the ASX by mid-2024.
