Pub firm City Pub Company is planning to open at least 20 new pubs by the end of next year.
The firm has announced that it will be seeking an extra £10 million in funds from the Enterprise Investment Scheme (EIS), after it had previously been successful in raising money three times through it.
The EIS, which offers a series of tax breaks for investors, helped the company to double in size to 13 venues since it last fundraised in April. This latest round will see City Pub Company (East) and City Pub Company (West) try and raise £5 million each. The East branch has a grip on the south-east, including the Phene in Chelsea, London, and the Georgian House, in Norwich, Norfolk, while the West branch tends to have a stronger focus on its food offering. The latter has various sites in the west of the capital and south of the Thames, such as The Bath Brew House and the Lighthouse in Battersea.
Chief executive and founder of City Pub Company, Clive Watson said: “In the short time that we have been operating, we have built an estate of really high-quality pubs in fantastic locations across the south of England. We look forward to continuing to acquire and develop pubs that give customers access to great well-refurbished freehouses.”
It recently emerged that that the firm generated total sales of £4.64 million, with operating profits of £618,000, in the eight months leading up to August 31st 2013. It is now hoped that these new openings in 2014 will create a wide array of hospitality jobs for the region.
City Pub Company was founded in December 2011 by Mr Watson and other co-founders David Bruce and John Roberts.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions.