Heartstone Inns, the Enterprise Investment Scheme (EIS)-backed freehold pub operator, plans to make major investments in its estate as it moves closer to new acquisitions after raising £2m this year, M&C Report has learnt.
Managing director James Birch said “significantly more” than £100,000 is expected to be spent in up to four of its nine pubs over the next 18 months, to enhance the current trading offer. The developments are at “various stages”, with some at the planning stage and others out to tender.
“All of them will be significantly more than £100,000 because they are reasonably extensive developments,” said Birch.
“These are pubs we have operated for some time and as you go through that journey you start to know where your pinch points are and where your opportunities are. We are now in the position to be able to exploit some of those development opportunities.”
He added: “I have a couple of acquisitions that are moving through the process. Hopefully we can close out one of those in the not-too-distant future.”
M&C reported last month that the Cheltenham-based group had raised a further £1m of equity, which takes the total raised this year to £2m and the limit of its EIS fundraising.
Asked if a further round of fundraising could take place next year, Birch said: “Maybe, we are always assessing our options. There are a number of things under consideration at the moment. We will continue to expand and push the group forward.”
