Bramwell Pub Company, the managed operator formed from the restructure of Barracuda, is to make investments in all of its 190 sites as it focuses on a period of stabalisation, new chief executive Roger Moxham has told M&C Report. This morning it was announced that Barracuda would be split into a property company (opco) and operating company (opco), with the latter renamed Bramwell Pub Company. The new operator will benefit from a credit facility of up to £10m from new backer Värde Partners. It will run 190 sites, with 18 set to return to landlords. Moxham said “This business needs to stabalise. It’s in a very, very tough market at the moment. What we have to do is to make sure that in the estate of 190 we invest our money wisely.” He said there would be “investments in every site to a lesser or greater degree”. “In some where we have invested in the last year or two years, that may be smaller, but every single pub in the estate will receive investment. “Some will be maintenance, some will be development. We have to have a platform in every pub we operate to meet those expectations [of customers].” Moxham said returns on investment at about five sites that had recently received work are “every bit as we planned they would be or better”. On the question of branding, Moxham said: “We’ve got about two thirds of business branded Smith & Jones, so clearly Smith & Jones vehicle is important within Bramwell Pub Company. “There are some businesses in here, of the order of about 40, that won’t ever be branded Smith & Jones because they are in a market space in which Smith & Jones isn’t placed to exploit for their advantage, or for the customers’ interests.” These 40 are largely in central London, he said. “The advantages of the business the size of Bramwell is it doesn’t have to take a view that everything has to be done the same. “We do tend to levy advantages of scale. This is not a small company. We want to leverage that scale, but we want to enjoy the flexibility of the locations.” The business plan also involves introducing a customer satisfaction programme, and a programme of “team engagement and feedback”, Moxham said. He said the 18 sites that will be discarded are located across the country. The decision about whether to relinquish is “purely based on economic outlook and site potential”, and he called the process “a piece of good, sensible housekeeping”. Moxham said that while his job entails that he examine potential acquisition opportunities, he stressed: “I’m not going to rock up with new investors on day one and offer acquisitions. I’m not out there in the market place to look at acquisitions. I’m categorically not. “What I don’t envisage is there being any material change to that number [190] over the foreseeable future.” Moxham said he expected redundancies at head office; he declined to reveal numbers. He also suggested that new additions could be added to the team. “We are in the market at the moment to acquire some new skills. There are definitely some skill sets that business plan demands that currently head office support don’t have.” Moxham added: “We’ve got a capital structure behind Bramwell now that the new board and investors are comfortable to support what we want to do over the next business plan.”