City Pub Co buys first three pubs

By John Harrington, M&C Report

- Last updated on GMT

Related tags City pub company Managing director Beer

Bath site: the Cork’s freehold was bought for £2.72m
Bath site: the Cork’s freehold was bought for £2.72m
City Pub Company, the new Enterprise Investment Scheme (EIS) funded venture from serial entrepreneurs David Bruce and Clive Watson, has acquired its first three pubs for circa £3.5m.

The freehold of the Cork in Bath has been bought for £2.72m from a private owner; AG&G acted for the sellers. A lease on an unnamed Cambridge pub, owned by the university, has also been secured. It’s understood a pub in Henley, Oxon, will open on a former police station and have its own brewery, subject to planning permission.

City Pub Company non-executive director John Roberts said the Cambridge and Henley pubs are expected to open this summer.
The City Pub Company venture has secured 100 investors raising £4m through the EIS for this tax year, with plans to raise £16m during the next tax year.

On the company’s expansion plans, Roberts told M&C Report: “We’ve certainly got one or two others that we are closing in on as well.

“It’s a case of getting the right sites. We are not looking to spend money for the sake of it and there’s a lot of competition for sites.”

Last year Bruce and Watson, founders of Capital Pub Company, teamed up with Roberts, former managing director of Fuller’s Beer Company, to launch twin EIS-founded firms City Pub Company (East) and City Pub Company (West); Roberts has said they could reach 30-40 sites.

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