Fuller, Smith & Turner (53GW.L) Stock Analysis & Winston Score

Fuller, Smith & Turner is a British pub and hotel company based in London. It owns and operates a chain of pubs, restaurants, and inns across England, serving food, drinks, and overnight stays to everyday consumers. The company has been brewing and running pubs since 1845, making it one of the older hospitality businesses in the UK. Fuller's makes money by selling food and drinks directly to customers in its venues, as well as renting out hotel rooms. It operates primarily in London and southern England, with a portfolio of several hundred managed and tenanted pubs. The company sold its brewing business to Asahi in 2019, so it now focuses entirely on running hospitality venues rather than making beer. Its main competitive strength is its estate of well-located, often historic pub properties, but the business faces ongoing pressure from rising labor and food costs, as well as shifts in how often British consumers choose to eat and drink out.