Brewhouse & Kitchen raises £5m for growth
The company secured its first site, a former Wetherspoons pub in Portsmouth, the White Swan, earlier this year.
Gumbrell told M&C Report that its EIS fundraising for this financial year has been completed and added: “We are looking for more sites. We have offers out at the moment and in legals on two. Hopefully we’ll have four in place by the end of the year.”
Brewhouse & Kitchen has a target average acquisition cost of £800k to £1m per pub and aims to invest an additional £250k on refurbishments. It expects a gross turnover of £18,000 per week per site with a 40/60 food and drink split.
The new venture shares a number of if its shareholders with Convivial.
