Capital Pub Company is close to buying its first pub as it continues to raise cash from investors.
It is in the final stages of talks to buy an outlet in the City of London and has also made offers for three more sites in central London.
Capital was launched earlier this year by Firkin creator David Bruce and Clive Watson (pictured), a former director of Tom Hoskins, Tup Inns and Regent Inns.
It launched an enterprise investment scheme (EIS), sponsored by merchant bank Noble & Co, to raise funds from investors to develop a chain of unbranded pubs in the South East.
Although it has raised £7m so far, it has extended the deadline to October 5 in the hope of coming closer to its ultimate goal of £10m.
Mr Watson said they were pleased with the amounts already raised because of the continuing weakness of the pub sector on the shares market.
Last month, SFI Group said that potential buyers of its tableside dancing venues, For Your Eyes Only, were forced to pull out because they could not raise necessary funds through an EIS.