Cardiff site snapped up in pizza chain acquisition
THREE Joes, the sourdough pizza and craft beer restaurant chain, has acquired the 14-strong The Stable pizza chain.
The acquisition, from Fullers for an undisclosed sum, sees the company expand its geographical spread into Wales and the south-west.
The Stable chain, which has a reported turnover of £14.6m, includes the Cardiff city-centre premises.
A company spokesperson said that priority is on reopening the sites as soon as it is safe to do so, before any decisions are made on rebranding.
Three Joes operates three restaurants in Winchester, Fareham and Sheffield. It was founded in 2017 by Tim Hall, founder of healthy fast-food chain Pod, Peter Bruton, founder of Byron Hamburgers, and Emma Blackmore, ex-Pizza Express and Pret menu development and procurement specialist.
Along with the Cardiff site, the acquisition will see the group take over premises in Bath, Birmingham, Bournemouth, Bridport, Bristol, Exeter, Falmouth, Newquay, Plymouth, Southampton and Winchester.
Mr Hall, chief executive and cofounder of Three Joes, said: “We’ve been huge fans of The Stable since we launched Three Joes in 2017 and this acquisition represents a significant step forward for us. The Stable is five times our size and, whilst we are all operating in uncertain times, we are confident the business has a strong future ahead.
“The opportunity to add these beautiful sites to our estate was too good to be true. We believe these are the ideal locations to expand Three Joes into whilst the country recovers from Covid and people choose to take holidays at home in the UK.”
Co-founder and operations expert Mr Bruton added: “We have spent three years crafting a successful operating model at Three Joes. We were beginning to disrupt the high-street UK pizza chains with 40% like for revenue growth Q1 2020 and we aim to transplant this trading success into these fantastic new sites as soon as we can safely reopen them in line with Government advice.”
The acquisition was privately funded by Three Joes shareholders.