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Young & Co's Brewery buys Geronimo Inns

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image captionYoung's said the acquisition gave it new growth opportunities

Brewing firm Young & Co has bought the pub chain Geronimo Inns for £60m.

Young's said the acquisition of the 26 Geronimo pubs, based in central London, Heathrow and Surrey, was an "excellent fit" with its long-term expansion strategy.

It increases Young's managed estate by more than 20% to 148 pubs, and takes its total estate to 247 pubs.

Young's said it expected the transaction to increase earnings in the first full year of ownership.

The management team of Geronimo will be staying with Young's.

Rupert Clevely, chief executive of Geronimo, will join the Young's board with immediate effect as managing director.

"Young's is the perfect home for Geronimo and I am delighted that the Young's board wants to continue to embrace and retain Geronimo's inimitable DNA," Mr Clevely said.