Redcomb merges with Broken Foot Inns
The new company, to be called Redcomb Pubs Ltd, will be headed up by managing directors Dan Shotton and Mark Draper, with David Franks as chairman, and Peter Mackie and Quentin Williams also sitting on the board.
Shotton said: “We are now looking at a number of ways to raise further finance to continue our growth plans of three to five sites per year, predominantly focusing on freeholds and free of tie leases, but also working closely with companies such as Spirit to explore new lease models and investments that add significant value to both parties.”
Pub estate
The new group comprises four freeholds (The Theodore Bullfrog Charing Cross, The Manor Arms Streatham, The Village Inn Ealing, The Seagate Appledore), two free of tie leaseholds (The Coach & Horses Greenwich, The Three Guineas Reading Station) and six tied/partly tied leases (The Griffin Danbury, The Tree on Boxhill, The John Barleycorn Duxford, The Crown & Horns East Ilsley, The Station Hither Green, The Bickley Chislehurst).
Shotton said: “We’ve been working carefully on this merger for some time now, and I’m delighted we have now finalised the deal. We have been working alongside BFI Ltd for the last 2 years, and have known David, Peter and Quentin pretty much since we started in the industry 20 years ago, so bringing our two companies together was exactly the right thing to do.
“Both companies have been enjoying LFL growth in excess of 6.3% for the last 2 quarters, and Redcomb Pubs Ltd is now a serious independent multiple with a good mix of freehold assets and leaseholds, and a good balance of target consumer segments including wet led London pubs, iconic London suburban community pubs, premium destination food sites and pubs with rooms. We are well positioned to benefit from a number of synergies from joining the two businesses, not least a vastly improved purchasing power.”
