Weston Castle eyes funding options for expansion
Humphreys told the Publican's Morning Advertiser's sister title M&C Report that she hoped to grow the estate from 31 to c50 sites in two to three years and complete a NatWest refinance deal this year. “I suspect [NatWest] will want to do a two-year agreement so I want alternative funding to scoop up more pubs and undertake refits,” said Humphreys, who has a one-third stake following a management buyout last August.
“I’ve met with someone regarding crowdfunding — it looks promising,” she added.
Weston recently acquired its 31st site, the Broadfield Arms in Leyland, Lancs, on a six-month lease with Star Pubs & Bars. This followed the addition of three Star leaseholds in March.
“We are looking at more Star leases,” said Humphreys. “The aspiration is to acquire more freeholds, while looking at some really good leaseholds.”
Regarding target numbers, she said: “Probably around 50 in two to three years, but all that depends on the finance really.”
Humphreys, who is also finance director of the company, took over from Chris Tulloch as managing director in February. Tulloch remains at Weston Castle as a director and shareholder of the group.
Last August’s MBO saw Humphreys, Tulloch and Ken Turner, chief executive of associated business Sceptre Leisure, buy Weston Castle outright from Victor Wardman, who owned more than 90% of the company.
