Firkin pub chain founder David Bruce has joined forces with ex-Regent Inns and Tup Inns director Clive Watson to set up a new London-based pub chain, The Capital Pub Company.
They are seeking to raise £10m through a share issue, sponsored by Noble & Company. The company hopes to attract investors by qualifying for EIS relief.
Bruce and Watson plan a chain of non-branded and un-themed pubs, targeting the over 25 age group and catering for local markets in and around London. Initial plans are to develop up to 12 outlets over the next year.
Up to 75% of the company's investments will be in freehold properties, with the rest in long leases.
Target unit size will be around 2,000 sq feet of drinking area. Open-plan kitchens offering fresh food will also be a key feature.
Bruce, who will be chief executive, said: "We believe a growing number of consumers in the London are disenchanted with themed or branded venues and would prefer to drink in pubs that have retained their local character and identity.
Our objective is to develop and operate a quality managed pub estate which is free-of-tie giving the customer a wide choice of beers, wines and spirits."
Richard Prickett, chairman of the highly successful AiM-listed Brancote Holdings plc and James Bruxner, CBE, former chairman of the Scotch Whisky Association, will join as non-executive directors.
Bruce founded the Firkin chain of pubs, which he sold in 1988 for £6.6m. He was later development and marketing director at Grosvenor Inns, where he was responsible for the roll out of the Slug & Lettuce chain.
Most recently he ran Honeypot Inns is a joint venture with Brakspears, the Henley brewer.
Clive Watson spent eight years as finance director at Regent Inns. He was later a co-founder of Tup Inns in London. He was most recently involved with Tom Hoskins, the Midlands based pub and brewery operator.
They are seeking to raise £10m through a share issue, sponsored by Noble & Company. The company hopes to attract investors by qualifying for EIS relief.
Bruce and Watson plan a chain of non-branded and un-themed pubs, targeting the over 25 age group and catering for local markets in and around London. Initial plans are to develop up to 12 outlets over the next year.
Up to 75% of the company's investments will be in freehold properties, with the rest in long leases.
Target unit size will be around 2,000 sq feet of drinking area. Open-plan kitchens offering fresh food will also be a key feature.
Bruce, who will be chief executive, said: "We believe a growing number of consumers in the London are disenchanted with themed or branded venues and would prefer to drink in pubs that have retained their local character and identity.
Our objective is to develop and operate a quality managed pub estate which is free-of-tie giving the customer a wide choice of beers, wines and spirits."
Richard Prickett, chairman of the highly successful AiM-listed Brancote Holdings plc and James Bruxner, CBE, former chairman of the Scotch Whisky Association, will join as non-executive directors.
Bruce founded the Firkin chain of pubs, which he sold in 1988 for £6.6m. He was later development and marketing director at Grosvenor Inns, where he was responsible for the roll out of the Slug & Lettuce chain.
Most recently he ran Honeypot Inns is a joint venture with Brakspears, the Henley brewer.
Clive Watson spent eight years as finance director at Regent Inns. He was later a co-founder of Tup Inns in London. He was most recently involved with Tom Hoskins, the Midlands based pub and brewery operator.
