David Bruce and Clive Watson, the founders of the Enterprise Investment Scheme-funded Capital Pub Company, are planning a new pub venture after nudging the EIS limit with Capital.

The pair raised £14.3m capital for Capital, a record amount for a pub-based EIS and only £700,000 short of the government's ceiling of £15m on EISs.

Bruce and Watson completed the first tranche of fundraising a year ago, with £7.9m. Of the remaining £6.4m raised in the past six months, 73% came from existing shareholders.

Capital now owns nine freeholds across London, which are non-branded wet-led businesses. Bruce said: "I think people are fed up brands. We have concentrated on buying cracking pubs and plan to buy a total of 20."

Bruce and Watson say the new pub company will have similar aims to Capital.

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