Following a review, the Board has decided that the best way to increase value for shareholders was to withdraw from the tenanted model and focus solely on operating premium, individual, differentiated and predominantly freehold managed pubs and hotels. Young’s will retain the remaining seven pubs for the long term.

“Young’s sole focus will now be on operating well-invested and premium managed pubs and hotels. We have a proven history of making attractive returns from investing in high-quality pubs and this disposal will provide us with additional firepower to upgrade our existing pubs and capitalise on attractive acquisition opportunities that may come to the market,” said Patrick Dardis, chief executive of Young’s.

“During lockdown, we invested a total of £17m in improving the pubs in our managed estate and the purchase of two new pubs: Enderby House in Greenwich and Alban’s Well in St Albans. The board is confident Young’s will emerge from the pandemic in a stronger position and is excited about the future of the business.”