Peter Linacre, managing director at New Pub Company, has said the company is focussing on finding new revenue stream within its current estate to fund future acquisitions.
The company acquired the Telegraph in October last year but Linacre said the price of property in and around the capital had made it difficult to expand beyond the current eight sites.
He said: “At the moment we are focussed on driving growth in the existing business. We are opening up new trading areas across the estate. For example, at the Camden Eye we are keen to develop another floor that has previously been given over to staff accommodation but which is coming free now.
“We are looking at sites but would only take something on if it was right for us, and at the right price.
“We funded the Telegraph internally and that’s part of the reason we want to make the sites we have more profitable so we can keep funding expansion.
“There’s not a lot available in London. You certainly can’t buy freeholds in London unless you have very deep pockets. People are finding it quite hard to find sites that they would like to buy and I sense everyone is looking.”
Asked if he would consider approaches for the company’s London pubs Linacre said: “We have not put ourselves into that position but if anyone approached us we’d certainly talk to them.”
