City Pub Company secures two more sites ahead of £8m expansion push

Related tags City pub company Property

Acquired: the Church Street Townhouse in Stratford
Acquired: the Church Street Townhouse in Stratford
City Pub Company has secured two more sites as it prepares to launch a fresh round of fund-raising to generate c.£8m for further expansion, the PMA's sister title M&C Report has learnt.

The freehold of the Church Street Townhouse in Stratford-upon-Avon, Warwickshire, which includes 12 boutique letting rooms, has been bought from private owners for around £2.4m, with the acquisition financed via a loan from Barclays.

Contracts have also been exchanged on a long lease for the Crown & Cushion Inn in Eton, Berkshire, which is to re-open in the autumn following a significant investment.

City is also close to completion on another site, which is believed to be another long leasehold.

This will take the total estate, split between sister EIS firms City Pub Company (East) and City Pub Company (West), to six sites, with
an annualised turnover of about £6m.

It represents the end of acquisitions under the original £4m raised across the two companies during the 2011/2012 tax year, the maximum amount permitted under current EIS rules.

A second round of fund-raising is set to begin in July, once the new upper limit for figures under EIS, believed to be €5m (£4.1m) per company are set, Watson told M&C Report.

AG&G acted on the Crown & Cushion Inn and Church Street Townhouse deals.

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