Cornerstone Inns, the Cheshire-based pub operator, now has an entirely free-of-tie estate after successful negotiations with Enterprise Inns, M&C Report has learnt.
The five-strong company, which was rescued from administration in January through a management buyout, is eyeing three new sites which would all be run under its innovative community ownership model.
Founder Damon Horrill told M&C Report the investors who had backed him at the start of the year are fully supportive of his vision.
He said: “They have a lot of interest in a consortium approach where freeholds can be purchased by investors on a yield return over a three year basis and sold onto the community as part of that process. That’s the direction we are taking with all our sites.
“We are signing a free-of-tie lease for all three sites where we trade with Enterprise Inns. We are operating as a hub so central purchasing is a big issue.
“We’ve also got a free-of-tie at the one site we run with Punch so we will have a complete free-of-tie lease.
“At our other site – the Kings Lock – we have purchased the freehold and it will be sold onto the community. The prospectus will go out this year.”
Horrill said he hoped to be able to announce the company’s next acquisition imminently.
