Fuller Smith & Turner (54GW.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, bars, and hotels across the United Kingdom, serving everyday customers who come in for food, drinks, and overnight stays. The company is best known for its traditional English pubs and sold its brewing business to Asahi in 2019, making it purely a hospitality operator today. The company makes money by selling food and drinks directly to customers in its venues and renting out hotel rooms. It operates mainly in London and southern England, with a portfolio of around 200 managed and tenanted pubs. Its moat comes from owning the freehold property on many of its sites, which gives it a stable asset base that is hard for competitors to replicate quickly. The main risk the business faces is that consumers cut back on pub visits when household budgets are squeezed, making revenue sensitive to the broader UK economic climate.