Capital to buy two Tomahawk pubs
Capital Pub Company is set to buy the two pubs owned by Tomahawk in a deal worth £5.03m.
Tomahawk, which previously raised equity finance through the issue of shares, most of which were subscribed under the EIS, is the owner of two freehold pubs — the Morgan Arms in Bow, London and the Black Swan in Ockham, Surrey.
In the year ended 30 June 2009, Tomahawk recorded revenue of £2,323,221 (2008: £2,135,406) and a profit before tax of £20,915 (2008: £31,291).
For the 44-week period to 2 May 2010, the combined turnover of Tomahawk's two pubs was £2,105,168 (2009: £1,888,275) and EBITDA was £551,854 (2009: £404,649).
Capital has received irrevocable undertakings to accept the offer in respect of, in aggregate, 1,385,366 Tomahawk Shares, representing approximately 33% of the issued share capital of Tomahawk
