Newriver Reit Share Discussion Threads

[ramellous] 04/12/2019 10:31

Having a walk around the Beacon Centre in North Shields at the mo. Looks busy enough for a Wednesday morning.

[spectoacc] 03/12/2019 14:21

Fenners isn't short, he's never had any skin in the game here.

[eeza] 03/12/2019 12:42

Fenners panicking about his short.

[speedsgh] 03/12/2019 12:34

@fenners

from today's rns...



Bravo Inns owns 44 wet-led community pubs, predominantly located in North West England. The Bravo Inns management have established a high-quality, well-managed and well-invested operator managed portfolio which complements Hawthorn Leisure's existing 660 community pub portfolio.

The acquisition will increase NewRiver's exposure to the highly profitable operator managed pub model. This will provide the Company with opportunities to drive higher returns through accretive capital expenditure and other asset management initiatives, whilst providing the Company with a higher degree of management control and oversight.

from NRR website...



Pub portfolio

We have been invested in pubs since 2013, and today own a portfolio of over 650 pubs. In 2018 we acquired Hawthorn Leisure, an award-winning pub management platform that now manages our entire portfolio from their head office in Solihull, West Midlands.

By working together with pub occupiers, Hawthorn Leisure helps to ensure they have the tools and support they need, and provides targeted capex to create long-term, sustainable businesses.

from Hawthorn Leisure portfolio acquisition rns (May 2018)...



The portfolio has been well managed with over £11 million of capital expenditure invested since 2014. The business trades as Hawthorn Leisure which is a well recognised and highly regarded brand. Additionally Hawthorn Leisure runs a managed pub brand called "Last Orders" which can leverage off live sports and music events that will be very profitable when applied to high performing, wet led community pubs in the Hawthorn Leisure and NewRiver pub portfolios.

A further key attraction of the Hawthorn Leisure management platform is its flexible model and unique ability to switch high performing community pubs between tenanted and managed which has the potential to deliver a higher rental income.

The Hawthorn Leisure management platform

An experienced management team was selectively recruited to run the portfolio in 2014 and a head office function was established in Birmingham in 2015 to insource all key business functions. Under the direction of the management team, all key functions are now run from Hawthorn Leisure's own platform and all major supply agreements have been re-negotiated. The Management team has recruited well from a talent pool in the Birmingham area and now consists of 43 high quality people. Additionally, the Company has invested smartly in its systems and infrastructure.

Hawthorn Leisure's Senior Management Team consisting of Gerry Carroll, Mark McGinty and Matthew Ward will all remain with the Company, working closely alongside the NewRiver pub management team led by David Shipton.

[fenners66] 03/12/2019 11:19

"the acquisition of community pub company"

Do they mean that ?
It reads as they are now a pub company -not merely owning the pub bricks and mortar ?

[speedsgh] 03/12/2019 09:30

Bravo Inns

Corporate website:
About Us -
Management Team -

[ramellous] 03/12/2019 07:37

I’ll drink to that ...

[spectoacc] 03/12/2019 07:25

The naysayers will have their own view, but I think this looks good, particularly the final sentence.

"NewRiver is pleased to announce the acquisition of community pub company Bravo Inns Limited ("Bravo Inns") for GBP17.9 million, representing an EBITDA multiple of 6.8x. The transaction is expected to generate annualised outlet EBITDA of GBP2.6 million, equating to a yield on cost of 14%, which excludes GBP0.3 million of synergies expected to be realised through the transfer of Bravo Inns to the Hawthorn Leisure platform. The transaction will be accretive to Underlying Funds From Operations and will further increase dividend cover, which is the Company's key priority. "

[2wild] 02/12/2019 19:52

Actually Invesco's latest reported threshold was reached on 21st November when they helped push the share price down to 176.71p during that day.

[cc2014] 02/12/2019 15:26

#2066. Invesco have already sold (on the run up to 217) the ones they bought lower down. It is possible to check this through the RNS releases.

Barnett claims (in the public domain in some article) that with the last large buy he had no knowledge the counter-party was Woodford, just that he was offered through a MM a large quantity at a price he like so he bought. (Of course, he may not have known formally it was Woodford but for the size of transaction involved it was reasonably obvious who it was as so few parties owned that many shares)

[spectoacc] 02/12/2019 13:07

I agree Invesco got far too large in NRR, as did Woody, and the two between them on some co's was ridiculous. Woody out of NRR of course, and Invesco have cut and may cut more.

But disagree re divi, if talking "..Over the years". Say 3 years of divi, c.60p - quite a chunk. Yes, nice if they'd bought something that went up, but in sector terms if they'd bought a BLND or LAND or most of the other non-industrial ones, they'd have done worse in many cases.

[hpcg] 02/12/2019 12:42

I don't think Invesco will or need to liquidate, but they own far too much, well beyond conviction. Indeed from a strategy point of view the overs, a fair amount that was bought lower down, should be cashed in to liquidity to improve the unhealthy basis. Their funds' position went from 14.5% to 15% Jan 2018 16% to 17% end of June 2018, so a lot of knife catching has gone on since. I imagine the deal he did with Woodford either is or has been investigated internally. The dividend is little compensation for the capital losses experienced over the years.

[diggybee] 02/12/2019 11:39

There are many many still to go though I think from woodford portfolio? Let alone invesco. If they need to liquidate, with 25% of the company, they can't.

[eeza] 29/11/2019 18:09

The article suggests that he is now in joint control of the portfolio. Not really sidelined. Depends on the judgement of what should be an appropriate size holding as to how many will be sold off. Barnett has already been reducing.

[lord gnome] 29/11/2019 17:27

Would it be wrong to suggest that the NRR share price might just come under a bit of renewed pressure as a result of this?

[lord gnome] 29/11/2019 14:09

Indeed, SpectoAcc. Not the most convincing article I've ever seen in IC, although I dare say I am a bit biased in this case. Happy to hold with things the way they are. If the price is at this level in a year's time and I have collected four dividends, I will be well satisfied.

[spectoacc] 29/11/2019 14:03

IC seem to have changed to Sell, tho only in the write-up of the Half Year, not as a tip. Didn't find their reasoning all that convincing (basically, that you can get similar NAV discount but better growth elsewhere. Maybe you can, but not an 11%+ divi). But might explain smaller selling today.

[eeza] 29/11/2019 09:26

Seller has returned to dump a few more.

[chucko1] 27/11/2019 15:07

Davvero, what you are saying would have more impact were it the case that you were talking to investors, as opposed to the punters on here speculating on short term prospects.

The only other thing that is not academic is the probability density function of payouts. Too much pessimism on that score.

[davvero] 27/11/2019 14:31

No matter what the share price ... if you want the fat divi you got to be in.... everythng else is academic

[spectoacc] 27/11/2019 09:49

4th Dec next FTSE250 review. Currently CARD down, NRR fine. Expecting another favourable RNS the week of the review.

[marksp2011] 27/11/2019 07:22

Mine is paid Gross to my SIPP

5.4 pence

[flyfisher] 27/11/2019 07:21

Thanks for the replies.

[eeza] 27/11/2019 07:09

5.4p less 20% tax is the usual, unless your provider has arrangements to receive gross. 20% tax usually takes around 4 weeks to reclaim and add to your account.

[2wild] 27/11/2019 06:14

5.4p in mine with Lloyd's.