Bristol-headquartered national law firm TLT has completed another major London pub deal, advising on the sale of 12 high-quality freehold venues for a number of operators backed by funds managed by investment manager Downing.
The pubs, 11 in South London suburbs and one in East London, have been bought by Portobello Starboard, an acquisition platform backed by private equity firm Zetland Capital and operated by independent West London craft brewery Portobello, which has been managing the sites for the past year. 
TLT said the sale illustrated the resilience and continued attractiveness of the UK’s leisure, food and drink sector following the pandemic.
It follows TLT’s acquisition of 13 sites in the capital last month for London-based independent pub, bar and restaurant group Urban Pubs & Bars.
The latest deal, financial details of which have not been disclosed, takes Portobello’s pub estate to 16. The acquisitions include the Royal Albert in New Cross, pictured.
Zetland Capital will provide further financial support as the business looks to grow through acquisitions across London and the South of England.
London and Cardiff-based Downing, an investment manager with more than 30 years’ experience, £1.5bn worth of assets under management and thousands of investors, is a longstanding client of TLT.
TLT advised it, along with and the selling entities, on the legal aspects of the sale, from negotiating the heads of terms and all key transaction documents to dealing with the transaction structure.
The TLT team was led by corporate partner Alice Gardner, pictured, with associate Henry Male, solicitor Nav Mesbah and trainee Graeme Macpherson (corporate), legal director Rachel Channer (real estate) and partner Mark Braude and associate Andree Parker (tax). 
Downing partner Martin Robertson said: “TLT is known for its extensive experience in leading significant deals in the leisure, food and drink sector, and we have worked with it successfully on many transactions in the past.
“It was incredibly valuable to work with such a knowledgeable multidisciplinary team and we are delighted with the outcome of this sale.”
TLT partner Alice Gardner added: “It’s great to see such a high level of activity and investment in the UK pubs market, especially since it weathered such a torrential storm during the pandemic.
“It was a great pleasure to work with Downing on yet another transaction and to help them realise this investment of high quality assets.”
Portobello’s non-executive chairman is Mark Crowther, who in his previous job as chief executive of Channel Islands-based Liberation led that group’s takeover of Bristol-based craft brewery and pub chain Butcombe. He is also non-executive chairman of Downing.
