City Pub Company has added three new pubs to its portfolio, in a new expansion plan that will see the firm aim to manage 20 pubs by 2014.
The company has acquired two pubs in the capital city and a third in Bath: the Lighthouse in Battersea, the Roundhouse in Wandsworth, and the Metropolitan in Bath. This brings the group's total to 14 pubs, especially after it took over Chelsea's The Phene last month (April 2013).
As part of expansion plans, the group is aiming to find £10 million through two Enterprise Investment Scheme (EIS) projects, and it has already managed to raise £9.6 million of this total. An extra £10 million is set to be found at the start of next year so that the firm can achieve its aims of expansions and creating new hospitality jobs across the UK.
Clive Watson, co-founder and group chief executive, said: "Our EIS fundraising has been very successful and gives us the confidence and financial backing to continue acquiring fantastic pubs, such as the ones announced today (April 8th)."
The news come in conjunction with the appointment of Alex Derrick and Rupert Clark, two former Capital Pubs directors, to chief executive of City Pub Company East and chief executive of City Pub Company West respectively. Both men will run the firm daily whilst Mr Watson seeks to expand.
"Their appointment will allow me to focus more time on finding new premium sites across southern England and obtaining further investment to finance our future expansion," Mr Watson added.
The City Pub Company was co-founded by Mr Watson and David Bruce.
Berkeley Scott is a specialist recruitment agency providing hospitality employment solutions.