City Pub Company snaps up another two sites

By John Harrington

- Last updated on GMT

Related tags: Pub company, Floor, London

Clive Watrson said he was delighted at City Pub Company's new acquisitions
Clive Watrson said he was delighted at City Pub Company's new acquisitions
City Pub Company has continued its expansion with the acquisition of a flagship Brighton pub for £4.5m and the leasehold of a west London site.

The Enterprise Investment Scheme (EIS)-funded group, led by Capital Pub Company co-founder Clive Watson, has bought the freehold of the Lion & Lobster in Brighton’s Sillwood Street in an off-market deal.

The venue turned over £2.4m last year. It operates across three floors, with a traditional bar area on the ground floor, a dining area on the first floor and a top floor terrace. Watson told the Publican’s Morning Advertiser​’s sister title M&C Report ​that it was the company’s “Anglesea Arms-on-sea moment”, in reference to Capital’s acquisition of the flagship site in South Kensington in the previous decade.

Iconic

He said: “It’s just such an iconic wet-led operation; very high barrelage, and it’s a very prominent position. We’re really, really pleased.”

The group has also taken the Cock & Bottle in Notting Hill, west London. It secured the private leasehold with 33 years remaining. A c£400,000 investment is planned to the pub, its fifth in London, which has 90 covers downstairs and outside drinking for about 30 people.

Watson said the area is “under-pubbed” due to conversions of pubs to residential use and to restaurants.

Management

The Cock & Bottle will operate under City Pub Company East, led by Rupert Clark, with the Lion & Lobster held under City Pub Company West, whose chief executive is Alex Derrick.

The acquisitions take City’s total spend on acquisitions in recent months to £6m, including the £500,000 premium for the lease on the Cock & Bottle, and £1m for the leases on two pubs in The Strand, Dalys Wine Bar and Bierschenke. City was advised by AG&G on both deals.

Last month the company announced it had secured an extra £7m in banking facilities as it looks to exceed its earlier rollout target of 20 pubs by the end of 2014.

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